Martinez Company incurred the following costs during 2010 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) $330,000 Materials consumed in R&D projects 59.000 Consulting fees paid to outsiders for RSD projects 100,000 Personnel costs of persons involved in R&D projects 128,000 Indirect costs reasonably allocable to R&D projects 50,000 Materials purchased for future R&D projects 34,000 Instructions Compute the amount to be reported as research and development expense by Martinez on its income statement for 2010. Assume equipment is purchased at the beginning of the year and economic viability has not been achieved