A company incurred the follow costs related to research and development for the current year: Technology development (salaries and supplies) Engineering work performed by another company Purchase of equipment Testing new models Legal fees for patent application $350,000 180,000 780,000 90,000 60,000 The equipment will be used in other projects. Depreciation in the current year is $120,000. For what amount should the company report research and development expense? Multiple Choice $580,000. $740,000 O $800,000 O $590,000