Oriole 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) $282,000 Materials consumed in R&D projects 55,400 Consulting fees paid to outsiders for R&D projects 114,000 Personnel costs of persons involved in R&D projects 128,000 Indirect costs reasonably allocable to R&D projects 45,400 Materials purchased for future R&D projects 32,400 Compute the amount to be reported as research and development expense by Oriole on its current year income statement. Assume equipment is purchased at the beginning of the year. Total to be expensed for research and Development