Delaware Company incurred the following research and development costs during 2024: Salaries and wages for lab research Materials used in R80 projects Purchase of equipment Fees paid to third parties for R8D projects Patent filing and legal costs for a developed product Salaries, Wages, and supplies for RSD work performed for another cospany under a contract Total The equipment has a eightyear life and will be used for a number of research projects. Depreciation for 2024 is $150,000. Required: Calculate the amount of research and development expense that Delaware should report in its 2024 income statement