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 $36 million. Of this amount, $24 million was spent before technological feasibility was established. Excalibur expects a useful life of five years for the new product with total revenues of $60 million. During 2025, revenue of $18 million was recognized. Required: 1. Prepare a journal entry to record the 2024 development costs. 2. Calculate the required amortization for 2025. 3. Determine the amount to report for the computer software costs in the December 31, 2025, balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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. No Event General Journal 1 1 Research and development expense Software development costs Cash < Required 1 Required 2 > Debit 3,000,000 x 3,000,000 Credit 6,000,000