Early In 2024 , the Excallbur Company began developing a new software package to be marketed. The project was completed In December 2024 at a cost of $13 million. Of this amount, $8 million was spent before technological feasibility was established. Excallibur expects a useful llfe of five years for the new product with total revenues of $18 million. During 2025 , revenue of $9 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 flrst account fleld. Enter your answers In whole dollars and not In millions. Journal entry worksheet Record the 2024 development costs. Note: Enter debits before credits