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Janson Pharmaceuticals incurred the following costs in $2024$ related to a new cancer drug:

Research for new formulas $ $2,605,000$

Development of a new formula $1,780,000$

Legal and filing fees for a patent for the new formula $78,000$

Total $ $4,463,000$

The development costs were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new drug was patented before the end of the $2024$ fiscal year.

$2.$ Calculate the amount of research and development expense Janson should report in its $2024$ income statement related to this project. Assume that Janson prepares its financial statements according to International Financial Reporting Standards.Required information

$[$The following information applies to the questions alsplayed below.$]$

Janson Pharmacenticals incurred the following costs in $2024$ related to a new cancer drug:

Research for new formulas

Developulent of a new formula

legal and tiling fees for a patent for the new formula

Total

The development costs were incurred after technological and commercial feasibility was established and after the future

economic benefits were deemed probable. The project was successfully completed and the new drug was patented

before the end of the $2024$ fiscal year.

Calculate the amount of research and development expense Janson should report in its $2024$ income statement related to this

project. Assume that Jarison prepares its financial statements according to International Financial Reporting Standards.