Serendipity Ltd is working on an independent research and development project. The project is due for product release in one year's time. The initial marketing surveys and forward contracts suggest that the outcome for this product is very favourable. The following information relates to the expenditures for the current period and budgeted figures for the next 3 years. All research costs in prior periods were expensed. The budgeted figures are considered accurate beyond a reasonable doubt. Actual $000 2020 Budget $000 2021 2022 2023 Research 40 0 0 0 Development Expected cash flow 150 0 0 0 40 50 50 What is the research and development capitalised for the project in 2020? $40 000 $150 000 $190 000 $140 000