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Early in 2024, the Excalibur Company began developing a new software package to be marketed....

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Accounting

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 $17 million. Of this amount, $14 million was spent before technological feasibility was established. Excalibur expects a useful life of five years for the new product with total revenues of $20 million. During 2025, revenue of $6 million was recognized. Required: Prepare a journal entry to record the 2024 development costs. Note:

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