Lake Ltd started its business from 1st January 2020. It has the following transactions related to intangible assets: 1st January 2020: Purchased patent (8 years life) at 560,000. 1st July 2020: Purchased francise license (10 years life) at 440,000. 1st September 2020: 185,000 spent on research and development of a new product, which has been recognised as the research cost, as the research on the product is not feasible to enter the development stage yet. Amortisation is in straight-line method on monthly basis. What is the total expense recognised at the end of 2020 relevant to the above transactions? 277,000 299,000 114,000 185,000