Delaware Company incurred the following research and development costs during 2024: Salaries and wages for lab research Materials used in R&D projects Purchase of equipment Fees paid to third parties for R&D projects Patent filing and legal costs for a developed product Salaries, wages, and supplies for R&D work performed for another company under a contract Total $ 570,000 370,000 1,070,000 490,000 82,000 520,000 $ 3,102,000 The equipment has a six-year life and will be used for a number of research projects. Depreciation for 2024 is $290,000. Required: Calculate the amount of research and development expense that Delaware should report in its 2024 income statement. Research and development expense

Delaware Company incurred the following research and development costs during 2024: Salaries and wages for lab research Materials used in RSD projects Purchase of equipment Fees paid to third parties for RSD projects Patent filing and legal costs for a developed product Salaries, wages, and supplies for RSD work performed for another company under a contract Total 5570,000 370,000 1,70,80 490,000 82,000 520,000 $3,102,000 The equipment has a six-year life and will be used for a number of research projects. Depreciation for 2024 is $290,000. Required: Calculate the amount of research and development expense that Delaware should report in its 2024 income statement