+ Ch 12: Homework Question 8 of 9

Ch 12: Homework Question 8 of 9 View Policies Show Attempt History Current Attempt in progress X Your answer is incorrect, 0/1 Oakville Corp. incurred the following costs during 2020 in connection with its research and development phase activities: Cost of equipment acquired for use in research and development projects cnjer the next 5 p2ars (straight- line depreciation used) Mater ials consumed in research projects Materials consumed in the development ot a product committed for manufacturing in the first quarter 2021 Consulting fees paid in the last quarter Of 2020 to Outsiders for research and development projects, including $4,500 for advice rek Personnel costs of persons involved in research and development projects Indirect COStS reasonably allocated to research and development projects General borrowing costs on the company's line ot credit Training COStS for a Customer software program Calculate the amount to be reported as research and development expense by Oakville on its income statement for 2020. Assume the equipment is purchased at the beginning of the year. Assume the company follows IFRS for financial reporting purposes. to be reported as research and development expense 3350m