Casey Ltd carries out research and development in the year ended 31 December 2022. Casey Ltd incurred total costs in relation to Project Alpha of 375,000, spending the same amount each month up to 31 October 2022 , when the project was completed. The product produced by the project went on sale from 30 November 2022 The project had been confirmed as feasible on 01 July 2022, and the product produced by the project was expected to have a useful life of five years. Calculate the carrying amount of the development expenditure asset as at 31 December 2022. Show your workings