Delaware Company Incurred the following research and development costs during 2024: \begin{tabular}{lr} Salaries and wages for lab research & $540,000 \\ Materials used in RRD projects & 340,000 \\ Prurchase of equipment & 1,040,000 \\ Fees paid to thi part ies for RQD projects & 460,000 \\ Patent filing and legal costs for a developed product & 79,000 \\ Salaries, wages, and supplies for RQD work perf ormed for another company under a contract & 490,000 \\ \hline Total & $2,949,000 \\ \hline \hline \end{tabular} The equipment has a eight-year life and will be used for a number of research projects. Depreclation for 2024 Is $260,000. Required: Calculate the amount of research and development expense that Delaware should report in its 2024 Income statement