Question: PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Early In 2021, the Excalibur Company began developing a new software package to

PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU!

PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU!

Early In 2021, the Excalibur Company began developing a new software package to be marketed. The project was completed In December 2021 at a 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 2022, revenue of $4 million was recognized Required: Prepare a journal entry to record the 2021 development costs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollar not in millions.) View transaction list Journal entry worksheet Record the 2021 development costs. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

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