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, \$3 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