(Answered) Maxtor technology incurred the following costs during the

Accounting

Maxtor Technology incurred the following costs during the year related to the creation of a new type of personal computer monitor:

Salaries ................................$220,000
Depreciation on R&D facilities and equipment ...............$125,000
Utilities and other direct costs incurred for the R&D facilities ...........$66,000
Patent filing and related legal costs ......................$22,000
Payment to another company for performing a portion of the development work .$120,000
Costs of adapting the new monitor for the specific needs of a customer ......$80,000

What amount should Maxtor report as research and development expense in its income statement?

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