Thomas More Company incurred the following costs during the current year in connection with its research and development activities.
Cost of equipment acquired that will have alternative
uses in future R&D projects over the next 5 years
(uses straight-line depreciation) ............ $280,000
Materials consumed in R&D projects .......... 59,000
Consulting fees paid to outsiders for R&D projects .... 100,000
Personnel costs of persons involved in R&D projects .... 128,000
Indirect costs reasonably allocable to R&D projects ..... 50,000
Materials purchased for future R&D projects ....... 34,000

Instructions
Compute the amount to be reported as research and development expense by More on its current year income statement. Assume equipment is purchased at the beginning of the year.