A company had a new project began on 1 October 2017. The research stage of the new project start from 1 October 2017 lasted until 31 January 2018 and incurred $1.4 million of costs. From that date the project incurred development costs of $900,000 per quarter. On 1 April 2018 the directors became confident that the project would be successful and yield a profit well in excess of costs. The project was completed development at 30 August 2018 and has expected useful life of 3 years with nil residual value. Required: Explain with journal entry and determine what amount will be charged to profit or loss for the year ended 30 September 2018 in respect of research and development costs? (20 marks)