During 2021, Sarasota Tools Ltd., a Canadian public company, purchased a building site for its product development laboratory at a cost of $63,600. Construction of the building started in 2021. The building was completed in late December 2022 at a cost of $169,800 and placed in service on January 2,2023. The building's estimated useful life for depreciation purposes is 15 years. The straight-line method of depreciation is used and there is no estimated residual value. After the building went into service, several projects were begun and many are still in process. Management estimates that about 50% of the development projects will result in long-term benefits (for at least 10 years) to the corporation. The other projects either benefited the current period or were abandoned before completion. A summary of the different projects, their number, and the direct costs that were incurred for development activities in 2023 appears in the table that follows. On the recommendation of its research and development group, Sarasota Tools acquired a patent for manufacturing rights at a cost of $97,200. The patent was acquired on April 1,2022, and has an economic life of 10 years. (a) How should the items above that relate to product development activities be reported under IFRS on the company's income statement and statement of financial position at December 31, 2023? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to 0 decimal places, e.g. 5,275.) Sarasota Tools Ltd. Partial Income Statement For the Year Ended December 31, 2023 Research and Development Expense Amortization Expense Sarasota Tools Ltd. Statement of Financial Position For the Year Ended December 31, 2023 Land $ Bulldings Intanglble Assets - Patents Intanglble Assets-Development Costs