E12-17 (Accounting for R&D Costs) Thomas More Company incurred the following costs during the current year in connection with its research and development activities Cost of equipment acquired that will have alternative uses in future R&D projects over the next 5 years (uses straight-line depreciation) Materials consumed in R&D projects Consulting fees paid to outsiders for R&D projects Personnel costs of persons involved in R&D projects Indirect costs reasonably allocable to R&D projects Materials purchased for future R&D projects $280,000 59,000 100,000 128,000 50,000 34,000 Instructions Compute the amount to be reported as research and development expense by More on its current year income statement. Assume equipment is purchased at the beginning of the year