Treasure Land plc incurred the following costs in 2022.

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 2022 journal entry or entries for Treasure Land.