Nicole Corporation incurred research and development costs in 2019 as follows:

Materials used in research and development projects

P200,000

Equipment acquired that will have alternative future uses in research and development projects

1,000,000

Depreciation for 2017 on above equipment

250,000

Personnel costs of persons involved in research and development projects

500,000

Consulting fees paid to outsiders for research and development projects

50,000

Indirect costs reasonably allocable to research and development projects

100,000

P 2,100,000

The amount of research and development costs charged to Nicole Corporation's 2019 Income statement should be:

Select one:

a. P1,750,000

b. P1,100,000

c. P1,850,000

d. P1,500,000