Concord Corporation incurred the following costs in 2017. Laboratory research aimed at discovery of new knowledge Laboratory equipment purchased for use in recently completed project; alternative uses for the equipment are not expected Testing in search for product alternatives Engineering activity required to advance the design of a product to the manufacturing stage $560,000 127.000 59,000 267,000 $1,013,000 Prepare the necessary 2017 journal entry or entries for Concord. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit