Sheridan Industries Ltd. is a company in the high-technology industry. Sheridan has been working on developing a new product for home entertainment, the holographic movie projector. The projector meets all of the six criteria required in order to capitalize development costs. During 2017, Sheridan incurred the following costs related to research and development: Rent of facility $90,000 Salaries of research staff 230,000 Legal costs to obtain new patent for projector 40,000 Legal costs of defending new patent in court 45,000 Materials consumed in manufacture of prototypes 12,100 Consulting fees paid for general research 47,200 Indirect costs related to research and development 9,700 Calculate the amount that Sheridan would be allowed to capitalize as an intangible asset for 2017, assuming that Sheridan follows IFRS