*Exercise 12-11 During 2017, Ivanhoe Enterprises Ltd., a private entity, incurred $4.9 million in costs to develop a new software product called Dover. Of this amount, $1.8 million was spent before establishing that the product was technologically and financially feasible. Dover was completed by December 31, 2017, and will be marketed to third parties. Ivanhoe expects a useful life of 7 years for this product, with total revenues of $14 million. During 2018, Ivanhoe realized revenues of $2.9 million from sales of Dover. Assuming Ivanhoe reports under ASPE, prepare the journal entries that are required in 2017 to record the above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To record cost incurred on research and development) (To record costs associated with intangible assets) Prepare the entry to record amortization at December 31, 2018 using the straight line method. (Round answer to o decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2018 At what amount should the software costs be reported in the December 31, 2018 balance sheet? (Round answer to O decimal places, e.g. 5,275.) The Software costs be reported in the December 31, 2018 balance sheet