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) $283,000 Materials consumed in R&D projects 55,600 Consulting fees paid to outsiders for R&D projects 116,000 Personnel costs of persons involved in R&D projects Indirect costs reasonably allocable to R&D projects 132,000 45,600 Materials purchased for future R&D projects 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 $