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.