U Question 30 5 pts During 2020, ABC incurred the following costs: Engineering costs to advance a new product to full production stage $550,000 Costs of testing the prototype and design modifications $250,000 Cost of marketing research to promote new product $170,000 Legal fees for obtaining patent on new product $200,000 What amount should ABC record as research and development expense for 2020? $1.000.000 $800.000 $1.170.000 $620.000