Early in 2018, the Excalibur Company began developing a new software package to be marketed. The project was completed in December 2018 at a cost of $13,000,000. Of this amount, $10,000,000 was spent before technological feasibility was established. Excalibur expects a useful life of five years for the new product with total revenues of $16,000,000. During 2019, the revenue of $4,000,000 was recognized. Required: 1. Prepare a journal entry to record the 2018 development costs.
2. Calculate the required amortization for 2019. 3. At what amount should the computer software costs be reported in the December 31, 2019, balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a journal entry to record the 2018 development costs. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) View transaction list Journal entry worksheet 1 Record the 2018 development costs. Note: Enter debits before credits. Event General Journal Debit Credit 1 Required 1 Required 2 Required 3 Calculate the required amortization for 2019. Required amortization Percentage-of-revenue method Straight-line method Required 1 Required 2 Required 3 At what amount should the computer software costs be reported in the December 31, 2019, balance sheet? Balance sheet Software development costs Less: Amortization to date Net. Get Argumentative Essay Writing help now
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