Sheridan 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 $4,200 for advice related to the $30,000 of materials used above 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 $255,000 Amount to be reported. research and development expense $ 61,300 30,000 89,600 109,600 28,200 13,300 19,300 (a) Calculate the amount to be reported as research and development expense by Sheridan on its income statement for 2023. Assume the equipment is purchased at the beginning of the year. Assume the company follows IFRS for financial reporting purposes.