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Early in year 1, the Carlbury Company began developing a new software package to be...

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Accounting

Early in year 1, the Carlbury Company began developing a new software package to be marketed. The project was completed in December, year
1, at a cost of $15 million. Of this amount, $10 million was spent before technological feasibility was established. Carlbury expects a useful life of
five years for the new product with total revenues of $25 million. During year 2, revenue of $10 million was recognized.
Required:
Prepare a journal entry to record the year 1 development costs. (This includes a table/chart.

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