Treasure Land Corporation incurred the following costs in 2020. Cost of laboratory research aimed at discovery of new knowledge $120,000 Cost of testing in search for product alternatives  100,000 Cost of engineering activity required to advance the design of a product to the manufacturing stage  210,000 Prototype testing subsequent to meeting economic viability   75,000   $505,000 Prepare the necessary 2020 journal entry(ies) for Treasure Land.

Question

Treasure Land Corporation incurred the following costs in 2020.

Cost of laboratory research aimed at discovery of new knowledge
$120,000
Cost of testing in search for product alternatives
 100,000
Cost of engineering activity required to advance the design of a product to the manufacturing stage
 210,000
Prototype testing subsequent to meeting economic viability
  75,000
 
$505,000

Prepare the necessary 2020 journal entry(ies) for Treasure Land.

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