Cullumber 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 W uses in future R&D projects over the next 5 years (uses straight-line depreciation) $286.500 Materials consumed in R&D projects 56,300 Consulting fees paid to outsiders for R&D projects 123,000 Personnel costs of persons involved in R&D projects 139,000 Indirect costs reasonably allocable to R&D projects 46,300 33.300 Materials purchased for future R&D projects Compute the amount to be reported as research and development expense by Cullumber on its current year income statement Assume equipment is purchased at the beginning of the year. $ Total to be expensed for research and Development