Delaware Company incurred the following research and development costs during $2024$:

Salaries and wages for lab research $ $520,000$

Materials used in R&D projects $320,000$

Purchase of equipment $1,020,000$

Fees paid to third parties for R&D projects $440,000$

Patent filing and legal costs for a developed product $77,000$

Salaries, wages, and supplies for R&D work performed for another company under a contract $470,000$

Total $ $2,847,000$

The equipment has a six$-$year life and will be used for a number of research projects. Depreciation for $2024$ is $$240,000.$

Required:

Calculate the amount of research and development expense that Delaware should report in its $2024$ income statement.Delaware Company incurred the following research and development costs during $2024$:

The equipment has a six$-$year life and will be used for a number of research projects. Depreciation for $2024$ is $$240,000.$

Required:

Calculate the amount of research and development expense that Delaware should report in its $2024$ income statement.

Research and development expense