Current Attempt in Progress

Ivanhoe Inc. is developing a new process that it plans to sell. During $2022$ and $2023,$ the company capitalized $$1\mathrm{.}17$ million and $$0\mathrm{.}28$ million respectively. An additional $$0\mathrm{.}32$ million was spent in $2024.$ During $2024,$ it became apparent that, due to a lack of financial resources, the company would NOT be able to complete the project. The total amount of capitalized costs relating to this project at the end of $2024$ is

nil.

$$1\mathrm{.}77$ million.

$$1\mathrm{.}45$ million.

$$0\mathrm{.}04$ million.