A company incurred the follow costs related to research and development for the current year:

Technology development (salaries and supplies)	$	320,000
Engineering work performed by another company		150,000
Purchase of equipment		750,000
Testing new models		60,000
Legal fees for patent application		30,000

The equipment will be used in other projects. Depreciation in the current year is $90,000. For what amount should the company report research and development expense?

		$650,000.
		$620,000.
		$470,000.
		$500,000.