1.Staton Industries Ltd. is a company in the high-technology industry. Staton has been working on developing a new solar panel technology. The technology meets all of the six criteria required in order to capitalize development costs. During 2020, Staton incurred the following costs related to research and development:

Rent of facility$ 250,000

Salaries of research staff 290,000

Legal costs to obtain new patent for technology40,000

Legal costs of defending new patent in court 36,000

Materials consumed in manufacture of prototypes13,100

Consulting fees paid for general research 45,200

Indirect costs related to research and development9,700

Instructions

Calculate the amount that Staton would be allowed to capitalize as an intangible asset for 2020, assuming that Staton follows IFRS.