3 + c) Research and Development Costs (4 marks) 5 5 7 Rainbow Corp. incurred the following costs related to research and development in 2020. The 6 specific 3 conditions required for capitalization have been met and they follow IFRS. Laboratory research to discover new product knowledge 1 Design of new products involving new technoley e Testing of new products produced Construction of research and development facilities $ 82,600 40,500 19,500 320,000 320,000 Required: 1. How much of these costs should be capitalized as development costs in 2020? (2 marks) 2. For costs that should not be capitalized as development costs in 2020, explain where they would be recorded in the financial statements: (2 marks) of nage