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Exercise 12-17 Ivanhoe 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) Materials consumed in R&D projects Consulting fees paid to outsiders for RRD projects Personnel costs of persons involved in R&D projects Indirect costs reasonably allocable to R&D projects Materials purchased for future R&D projects $287,000 56,400 124,000 139,000 46,400 33,400 Compute the amount to be reported as research and development expense by Ivanhoe on its current year income statement. Assume equipment is purchased at the beginning of the year. Total to be expensed for research and Development