Dimension Pharmaceuticals, an IFRS reporter, paid cash for the following amounts to fund its research activities: testing materials and supplies, $ 600,000; research consultants, $ 100,000; planning and design consultants, $ 135,000; and general- purpose laboratory equipment, $ 950,000. The equipment has a 10- year useful life and no residual value. Prepare the journal entry required to record Dimension’s research expenditures for the year. Assume projects developed by planning and design consultants meet conditions for capitalization. The equipment was acquired on January 1.