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 over the next 5 years (straight-line depreciation used)		$232,000
Materials consumed in research projects		64,900
Materials consumed in the development of a product committed for manufacturing in the first quarter 2021		30,800
Consulting fees paid in the last quarter of 2020 to outsiders for research and development projects, including $4,500 for advice related to the $30,800 of materials used above		94,000
Personnel costs of persons involved in research and development projects		109,600
Indirect costs reasonably allocated to research and development projects		25,700
General borrowing costs on the companys line of credit		13,800
Training costs for a new customer service software program		20,700

(a) 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.

Amount to be reported as research and development expense

$enter a dollar amount to be reported as research and development expense