Universal Studios invested $5 million in 2022 in the production of a movie, Zorba the III. By the end of 2023 the movie is still under production.

-How should Universal Studios record the movie production costs? (What would be the journal entry?)

-What should be done with the capitalized movie production costs once the movie production is completed and its distribution begins?

- How is matching of revenue and expense achieved in this case? Provide an example of other costs that should be treated in a similar manner.