Pribuss Engineering prepares its financial statements according to International Financial Reporting Standards. During the year, 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 current fiscal year. What amount should Pribuss expense in its current-year income statement related to the above expenditures?