Oriole Company incurred the following costs during the current year in connection with its research and development activities.

Cost of equipment purchased that will have an alternative
uses in future R&D projects over the next 5 years
(uses straight-line depreciation)		$287,500
Materials consumed in R&D projects		56,500
Consulting fees paid to third parties for R&D projects		125,000
Personnel costs of people involved in R&D projects		125,500
Indirect costs reasonably attributable to R&D projects		46,500
Materials purchased for future R&D projects		33,500

Calculate the amount Oriole will report as research and development expenses on its current year income statement. Suppose the equipment is purchased at the beginning of the year.

Total to spend on research and development