During the current year, Beta Motor Co incurred the following costs related to a new solar-powered car: $250,000 - Salaries of engineers researching how to build the new car $20,000 - Legal fees for filing the patent on the new car $30,000 - Marketing and advertising to promote the new car $400,000 - Design, testing, and construction of a prototype of the new car What amount should Beta Motor report as research and development expense in its income statement for the current year? O $650,000 O $670,000 O $250,000 $700,000