A company prepares its financial statements according to International Financial Reporting Standards. During 2024 the company incurred $1,271,000 in research expenditures to develop a new product. An additional $782,000 in development expenditures 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 product was patented before the end of the 2024 fiscal year. Sale of the product began in 2023. What amount of the above expenditures would be expensed in the 2024 income statement?

$1,271,000

$782,000

$0

$2,053,000