Treasure Land Corporation incurred the following costs in 2014. Cost of laboratory research aimed at discovery of
Question:
Treasure Land Corporation incurred the following costs in 2014.
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 2014 journal entry(ies) for Treasure Land.
CorporationA 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...
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Intermediate Accounting 2014 FASB Update
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
