In 2015 Happy, Inc. incurred research and development costs as follows: Materials and equipment Personnel Indirect costs $200,000 125,000 75.000 Equipment costs include equipment with a cost of $100,000 that can be used for other research projects. The equipment has an estimated life of 10 years and no salvage value. The equipment was acquired at the beginning of 2015. The equipment is to be depreciated using the straight-line basis. All cost relate to a product that will be marketed in 2016. It is estimated that these costs will be recouped by December 31, 2019. What is the amount of research and development costs that should be expensed in 2015