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oo Verizon 43 8:34 PM @ 4 >B 55% CJ ezto.mheducation.com Early in 2016, the Excalibur Company began developing a new software package to be marketed. The project was completed in December 2016 ata cost of $13 million. Of this amount, $10 million was spent before technological feasibility was established. Excalibur expects a useful life of five years for the new product with total revenues of $16 million. During 2017, revenue of $4 million was recognized. Required: 1 Prepare a journal entry to record the 2016 development costs. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal -.,.- -.,- -- [ Bum ainonlJuuwml " [him am] 1 ' Software development costs 3,000,000 Research and development expense 10,000,000 Cash 13,000.000j 2 Calculate the required amortization for 2017. (Enter your ' answers in whole dollars.) - Be lred 7 amo l ation' Percentage-of-revenue method l lStraight-line method 3' At what amount should the computer software costs be reported in the December 31, 2017, balance sheet? (Enter your answers in whole dollars.) Balance sheet Software development costs $ 3.000.000 j 7 Less: Amortization to date ' Net