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Early in 2024, the Excalibur Company began developing a new software package to be marketed. The project was completed in December 2024 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 2025 , revenue of $4 million was recognized Required: Prepare a journal entry to record the 2024 development costs Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld. Enter your answers in whole dollars and not in millions. Journal entry worksheet