Maxtor Technology incurred the following costs during the year related to the creation of a new type of personal computer monitor:

Salaries	$	220,000
Depreciation on R&D facilities and equipment		125,000
Utilities and other direct costs incurred for the R&D facilities		66,000
Patent filing and related legal costs		22,000
Payment to another company for performing a portion of the development work		120,000
Costs of adapting the new monitor for the specific needs of a customer		80,000

What amount should Maxtor report as research and development expense in its income statement?