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Treasure Land Corporation incurred the following costs in 2017. Cost of laboratory research aimed at discovery of new knowledge $120,000 Cost of testing in search
Treasure Land Corporation incurred the following costs in 2017.
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 product to the manufacturing stage | 210,000 | ||
Prototype testing subsequent to meeting economic viability | 75,000 | ||
$505,000 |
Prepare the necessary 2017 journal entry for Treasure Land
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