During the year Peninsula Ltd started research work on a new processor chip. Peninsula has a past history of being particularly successful in bringing similar projects to a profitable conclusion. In addition to this, Peninsula spent $150,000 training staff to use new equipment.

Peninsula also developed a new online platform during the year, spending $120,000 a month evenly from 1 February 2020 to 31 October 2020. Peninsula was unsure of the outcome of the project, but doubts were resolved on 1 May 2020, following successful testing. The platform launched on 1 November 2020 and was expected to last 5 years.

How much should be recorded in Peninsulas statement of profit or loss for the year ended 31 December 2020 in relation to the development of the online platform? (You are required to provide the workings)