Treasure Land Corporation incurred the following costs in 2014. $139,650 160,850

Question

Treasure Land Corporation incurred the following costs in 2014.

$139,650

160,850

206,260

$506,760

Prepare the necessary 2014 journal entry or entries for Treasure Land. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Cost of laboratory research aimed at discovery of new knowledge

$139,650

Cost of testing in search for product alternatives

160,850

Cost of engineering activity required to advance the design of a    product to the manufacturing stage

206,260

$506,760

Explanation / Answer

Journal Entries Particulars Dr Amt Cr Amt Research and Development Exp Dr                 506,760.00 To cash         506,760.00

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