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 $$6$ million. Of this amount, $$4$ million was spent before technological feasibility was established. Excalibur expects a useful life of five years for the new product with total revenues of $$10$ million. During $2025,$ revenue of $$3$ 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 field. Enter your answers in whole dollars and not in millions. J $2)$Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $$11,000,000$ in cash. The book values and fair values of Steinbeck$$s assets and liabilities were the following:

Book Value Fair Value

Accounts receivable $ $1,300,000$ $ $1,100,000$

Land $1,200,0001,500,000$

Equipment $6,800,0007,900,000$

Patent $200,0001,200,000$

Accounts payable $1,700,0001,700,000$

Required:

Calculate the amount paid for goodwill.

Record the acquisition of Steinbeck Corporation. Show work please