Treasure Land Corporation 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

Prototype testing subsequent to meeting economic viability ……………........…….75,000

                                                                                                                                      $505,000

Prepare the necessary 2012 journal entry (ies) for Treasure Land.