AstroTech Semiconductor incurred the following costs in 2021 related to a new product design:

Research for new semiconductor design	$	2,220,000
Development of the new product		756,000
Legal and filing fees for a patent for the new design		100,000
Total	$	3,076,000

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 product was patented before the end of the 2021 fiscal year. Required: 1. Calculate the amount of research and development expense (R&D) AstroTech should report in its 2021 U.S. GAAP income statement related to this project. 2. Repeat Requirement 1 assuming that AstroTech prepares its financial statements according to International Financial Reporting Standards (IFRS).