Treasure Land Corporation incurred the following costs in 2020.Cost of laboratory research aimed at discovery of new knowledge$120,000Cost of testing in search for product alternatives 100,000Cost of engineering activity required to advance the design of a product to the manufacturing stage 210,000Prototype testing subsequent to meeting economic viability 75,000 $505,000Prepare the necessary 2020 journal entry(ies) for Treasure Land.

Intangible assets: These are the long-term assets that are not physical in nature, but possess…

Answered: Treasure Land Corporation incurred the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Treasure Land Corporation incurred the following costs in 2020.

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 a product to the manufacturing stage	210,000
Prototype testing subsequent to meeting economic viability	75,000
	$505,000

Prepare the necessary 2020 journal entry(ies) for Treasure Land.

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