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

Exercise 12-17 Sheridan Company incurred the following costs during the current year 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) Materials consumed in R&D projects Consulting fees paid to outsiders for R&D projects Personnel costs of persons involved in R&D projects Indirect costs reasonably allocable to R&D projects Materials purchased for future R&D projects $283,000 55,600 116,000 132,000 45,600 32,600 Compute the amount to be reported as research and development expense by Sheridan on its current year income statement. Assume equipment is purchased at the beginning of the year Total to be expensed for research and Development Click if you would like to Show Work for this question: Qpen Show Work LINK TO TEXT