IFRS 12-4 Treasure Land Corporation incurred the following costs in 2017 Cost of laboratory research aimed at discovery of new knowledge Cost of testing in search for product alternatives Cost of engineering activity required to advance the design of product to the manufacturing stage Prototype testing subsequent to meeting economic viability $120,000 100,000 210,000 75,000 $505,000 Prepare the necessary 2017 journal entry for Treasure Land. (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 0 for the amounts.) Account Titles and Explanation Research and Development Expense Debit Credit Cash 505,000 Click if you would like to Show Work for this question: Opn Show Work