In 2020, Cullumber Corporation incurred research and development costs as follows:

Materials and equipment	$122000
Personnel	142000
Indirect costs	182000
	$446000

These costs relate to a product that will be marketed in 2021. It is estimated that these costs will be recouped by December 31, 2023. The equipment has no alternative future use. What is the amount of research and development costs that should be expensed in 2020?

$446000.

$324000.

$0.

$304000.