Pribuss Engineering prepares its financial statements according to International Financial Reporting Standards. During 2018, the company incurred the following costs related to a new product design:
Research for new pump design $ 2,400,000
Development of the new product 1,300,000
Legal and filing fees for a patent for the new design 52,000
Total $ 3,752,000
The development costs were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new product was patented before the end of the 2018 fiscal year. What amount should Pribuss expense in its 2018 income statement related to the above expenditures?
Multiple Choice
A) $1,300,000
B) $2,400,000
C) $3,700,000
D) $3,752,000
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