Thomas More 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) $362, 400 Materials consumed in R&D projects 62, 840 Consulting fees paid to outsiders for R&D projects 106, 200 Personnel costs of persons involved in R&D projects 123, 500 Indirect costs reasonably allocable to R&D projects 48, 900 Materials purchased for future R&D projects 36, 070 Compute the amount to be reported as research and development expense by More on its current year income statement. Assume equipment is purchased at the beginning of the year. Total to be expensed in 2014 for research and Development