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Question - Oakville Corp. incurred the following costs during 2020 in connection with its research and development phase activities:
Cost of equipment acquired for use in research and development projects over the next 5 years (straight-line depreciation used) $251,000Materials consumed in research projects 62,200Materials consumed in the development of a product committed for manufacturing in the first quarter 2021 34,800Consulting fees paid in the last quarter of 2020 to outsiders for research and development projects, including $4,200 for advice related to the $34,800 of materials used above 91,900Personnel costs of persons involved in research and development projects 109,100Indirect costs reasonably allocated to research and development projects 24,800General borrowing costs on the company's line of credit 12,300Training costs for a new customer service software program 21,900
Required - Calculate the amount to be reported as research and development expense by Oakville on its income statement for 2020. Assume the equipment is purchased at the beginning of the year. Assume the company follows IFRS for financial reporting purposes.
Financial Statement Analysis and Preparation
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