Treasure Land Corporation incurred the following costs in 2012. Cost of laboratory research aimed at discovery of

Question:

Treasure Land incurred the following costs in 2012.
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
...$430,000
Prepare the necessary 2012 journal entry or entries for Treasure Land.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...