Delaware Company incurred the following research and development costs during 2021: Salaries and wages for lab research Materials used in R&D projects Purchase of equipment Fees paid to third parties for RED projects Patent filing and legal costs for a developed product Salaries, wages, and supplies for RED work performed for another company under a contract Total $ 450,000 250,000 950,000 370,000 70,000 400,000 $2,490,000 The equipment has a seven-year life and will be used for a number of research projects. Depreciation for 2021 Is $170,000 Required: Calculate the amount of research and development expense that Delaware should report in its 2021 income statement Research and development expense