In its first year of trading to 31 July 20X6, Camp Co incurred the following expenditure on research and development, non-current assets: $12,000 on successfully inventing processes for converting seaweed into chemicals X, Y and $60,000 on developing a headache pill. No commercial uses have yet been discovered for chemical X and Y. Commercial production and sales of the headache pill commenced on 1 April 20X6 and are expected to produce steady profitable income during a 5-year period before being replaced. Adequate resources exist to achieve this. What is the amount of development costs that must be capitalized on 1 Apr 20X6 under IAS 38?