Schreiber Corporation is a company operating in the boating accessories industry. Schreiber Corporation has been working on developing a new personal flotation device, which was recently patented. All 6 criteria have been met in order to capitalize development costs. During the 2021 year, Schreiber Corporation incurred the following costs related to research and development: Salaries of employees used to develop prototypes Cost of promoting new flotation device at the end of product testing phase Consulting fees for general research Legal costs to obtain patent $ 166,446 22,357 29,681 77,550 Schreiber Corporation started manufacturing and selling the new personal flotation device on August 1, 2021. The patent has a legal life of 20 years, an estimated useful life of 10 years, and a residual value of $0. Schreiber Corporation follows IFRS, and has a year end of October 31, 2021. Where applicable, Schreiber Corporation uses the straight-line method to amortize its intangible assets. Required: 1. Calculate the amount that Schreiber Corporation should capitalize as an intangible asset. (2 marks) 2. Prepare any journal entry necessary for the amortization of the intangible asset for the 2021 year, or indicate why no adjustment is required. (2 marks)