Ivanhoe Corp. incurred the following costs during 2023 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)Materials consumed in research projectsMaterials consumed in the development of a product committed for manufacturing in the first quarter of 2024Consulting fees paid in the last quarter of 2023 to outsiders for research and development projects, including $4,500 for advice relatPersonnel costs for research and development projectsIndirect costs reasonably allocated to research and development projectsGeneral borrowing costs on the company's line of creditTraining costs for a new customer service software program。 Calculate the amount to be reported as research and development expense by Ivanhoe on its income statement for 2023. Assumethe equipment is purchased at the beginning of the year. Assume the company follows IFRS for fnancial reporting purposes.
Ivanhoe Corp. incurred the following costs during 2023 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)
Materials consumed in research projects
Materials consumed in the development of a product committed for manufacturing in the first quarter of 2024
Consulting fees paid in the last quarter of 2023 to outsiders for research and development projects, including $4,500 for advice relat
Personnel costs for research and development projects
Indirect costs reasonably allocated to research and development projects
General borrowing costs on the company's line of credit
Training costs for a new customer service software program。
Calculate the amount to be reported as research and development expense by Ivanhoe on its income statement for 2023. Assume
the equipment is purchased at the beginning of the year. Assume the company follows IFRS for fnancial reporting purposes.
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