part 2. Calculate the required amortization for 2022 and 3. Determine the Amount to report for the computer software coats in Decemeber 31, 2022, balance sheet.

Below Are the correct answers of 1.

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 $84 million of this amount, $56 million was spent before technological feasibility was established. Excalibur expects a useful life of five years for the new product with total revenues of $140 million. During 2022 revenue of $42 million was recognized. Required: 1. Prepare a journal entry to record the 2021 development costs. 2. Calculate the required amortization for 2022 3. Determine the amount to report for the computer software costs in the December 31, 2022, balance sheet Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the required amortization for 2022. (Enter your answers in whole dollars.) Amortization for 2022 epare a journal entry to record the 2021 development costs. (If no entry is required for a transaction/event, se quired" in the first account field. Enter your answers in whole dollars.) View transaction list View journal entry worksheet No Event Debit Credit 1 1 General Journal Research and development expense Software development costs Cash 56,000,000 28,000,000 84,000,000 Required 2