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7:41 PM Thu Nov 28 42% eugen.wileyplus.com Kieso, Intermediate Accounting, 12CE Volume 1 Help System Announcements NEXT Exercise 12-8 Oakville Corp. incurred the following costs during 2020 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 2021 Consulting fees paid in the last quarter of 2020 to outsiders for research and development projects, including $4,500 for advice related to the $31,200 of materials used above Personnel costs of persons involved in 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 $239,000 62.000 31,200 87,200 107,200 27,400 14,400 21,200 Calculate the amount to be reported as research and development expense by Oakville on its income statement for 2020. Assume the equipment is purchased at the beginning of the year. Assume the company follows IFRS for financial reporting purposes. Amount to be reported as research and development expenses LINK TO TEXT LINK TO TEXT LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER

Answer 1

Calculation or research & development expenses
Depreciation expenses (239000/5)				47800
material consumed in research project				62000
consulting fees paid in last quarter to outsider				87200
personnel costs of persons involved in R&D				107200
indirect costs reasonably allocated to R & D				27400
research & development expenses				331600

Answer 2

Depreciation expense 239000/5

Material consumed 62000

Consulting fee 87500-4500

Personnel cost 107200

indirect cost 27400   

Add all the above figures 

above figure of 331600 is wrong