Accounting · Intangible Assets

Phoenix Co. recently completed a new custom-designed table. The costs associated with this were: - Initial design and feasibility study (before technical feasibility was established): $15,000 - Development costs incurred after technical feasibility was established, including material and labour costs directly attributable to creating the prototype: $40,000 - Testing costs to ensure the prototype met quality standards: $5,000 - Marketing campaign costs for the new table launch: $10,000 - Staff training on new manufacturing techniques (ongoing training for existing staff): $8,000 - Purchase of a 5-year non-exclusive licence to use a specialised wood treatment process for the new table (effective 1 June 20X4): $25,000 What is the total amount that should be capitalised as an intangible asset for the new table's development for the year ended 31 May 20X5 under IAS 38?