Brief Exercise 11-12 (Algo) Amortization; Software development costs [LO11-4] 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 $72 million of this amount, $48 million was spent before technological feasibility was established. Excalibur expects a useful life of five years for the new product with total revenues of $120 million. During 2022. revenue of $36 million was recognized. Required: 1. Prepare a journal entry to record the 2021 development costs. 2. Calculate the required amortization for 2022 3. Determine the amount to report for the computer software costs in the December 31, 2022, balance sheet Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the required amortization for 2022. (Enter your answers in whole dollars.) Arotiration for 2022 $ 4.800.000 Brief Exercise 11-12 (Algo) Amortization Software development costs (1.011-4) 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 $72 million of this amount $18 million was spent before technological feasibility was established Excalibur expects a useful life of five years for the new product with total revenues of $120 million. During 2022. revenue of $36 million was recognized Required: 1. Prepare a journal entry to record the 2021 development costs. 2. Calculate the required amortization for 2022. 3. Determine the amount to report for the computer software costs in the December 31, 2022, balance sheet. Complete this question by entering your answers in the tabs below. Tequired Required Required Determine the amount to report for the computer software costs in the December 31, 2022, balance sheet. (Enter your answers it while doll 200.000