Janson Pharmaceuticals incurred the following costs in 2024 related to a new cancer drug:

The development costs were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new drug was patented before the end of the 2024 fiscal year.

Required:
1. Calculate the amount of research and development expense Janson should report in its 2024 income statement] related to this project.
2. Repeat requirement 1 assuming that Janson prepares its financial statements according to International Financial Reporting Standards.

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Research for new formulas Development of a new formula Legal and filing fees for a patent for the new formula Total $2,425,000 1,600,000 60,000 $4,085,000