Treasure Land plc incurred the following costs in 2019. Cost of laboratory research aimed at discovery of
Question:
Treasure Land plc incurred the following costs in 2019.
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 2019 journal entry or entries for Treasure Land.
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Related Book For 
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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