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 $16 million. Of this amount, $8 million was spent before technological feasibility was established. Excalibur expects a useful life of five years for the new product with total revenues of $20 million. During 2022, revenue of $5 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.) X Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 8 X Research and development expense Software development costs 8 Cash 16 X