Blossom Company incurred the following costs during the current year in connection with its research and development activities.

Cost of equipment acquired that will have alternativeuses in future R&D projects over the next 5 years(uses straight-line depreciation)$280,000Materials consumed in R&D projects55,000Consulting fees paid to outsiders for R&D projects110,000Personnel costs of persons involved in R&D projects120,000Indirect costs reasonably allocable to R&D projects45,000Materials purchased for future R&D projects32,000

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

Total to be expensed for research and Development