c) Research and Development Costs (4 marks) 5 Rainbow Corp. incurred the following costs related to research and development in 2020. The 6 specific 3 conditions required for capitalization have been met and they follow IFRS. Laboratory research to discover new product knowledge Design of new products involving new technolery - Testing of new products produced Construction of research and development facilities $ 82,600 40,500 19,500 320,000 n financial Statements 5 Required: 71. How much of these costs should be capitalized as development costs in 2020? (2 marks) 3 2. For costs that should not be capitalized as development costs in 2020, explain where they would be recorded in the financial statements: (2 marks) 1 3 5