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) Materials consumed in research projects Materials consumed in the development of a product committed for manufacturing in the first quarter 2021 $230,000 60,000 30,000 Consulting fees paid in the last quarter of 2020 to outsiders for research and development projects, including $4,000 for advice related to the $30,000 of materials used above 85,000 Personnel costs of persons involved in research and development projects 107,000 Indirect costs reasonably allocated to research and development projects 24,000 11,000 General borrowing costs on the company's line of credit Training costs for a new customer service software program 17,000 (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