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Question: crane company incurred the following costs during the current year...

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Crane 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) $280,500
Materials consumed in R&D projects 55,100
Consulting fees paid to outsiders for R&D projects 111,000
Personnel costs of persons involved in R&D projects 131,500
Indirect costs reasonably allocable to R&D projects 45,100
Materials purchased for future R&D projects 32,100


Compute the amount to be reported as research and development expense by Crane on its current year income statement. Assume equipment is purchased at the beginning of the year.

Total to be expensed for research and Development
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