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)		$258,000
Materials consumed in research projects		64,400
Materials consumed in the development of a product committed for manufacturing in the first quarter 2021		33,500
Consulting fees paid in the last quarter of 2020 to outsiders for research and development projects, including $5,000 for advice related to the $33,500 of materials used above		87,100
Personnel costs of persons involved in research and development projects		107,500
Indirect costs reasonably allocated to research and development projects		27,800
General borrowing costs on the companys line of credit		15,800
Training costs for a new customer service software program		18,000

(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