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

Salaries and wages for lab research	$ 550,000
Materials used in R&D projects	350,000
Purchase of equipment	1,050,000
Fees paid to third parties for R&D projects	470,000
Patent filing and legal costs for a developed product	80,000
Salaries, wages, and supplies for R&D work performed for another company under a contract	500,000
Total	$ 3,000,000

The equipment has a seven-year life and will be used for a number of research projects. Depreciation for 2024 is $270,000.

Required:

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