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 $326,000 156,000 756,000 Purchase of equipment Testing new models Legal fees for patent application 66,000 36,000 The equipment will be used in other projects. Depreciation in the current year is $96,000. For what amount should the company report research and development expense? Multiple Choice $484,000. $494,000. $644,000. $680,000.