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 $8 million. Of this amount, $5 million was spent before technological feasibility was established. Excalibur expects a useful life of five years for the new product with total revenues of $12 million. During 2022, revenue of $3 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 1 General Journal Debit Credit Record entry Clear entry View general journal