Maxtor Technology incurred the following costs during the year related to the creation of a...
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Accounting
Maxtor Technology incurred the following costs during the year related to the creation of a new type of personal computer monitor:
| Salaries | $ | 320,000 | |
| Depreciation on R&D facilities and equipment | 175,000 | ||
| Utilities and other direct costs incurred for the R&D facilities | 76,000 | ||
| Patent filing and related legal costs | 32,000 | ||
| Payment to another company for performing a portion of the development work | 170,000 | ||
| Costs of adapting the new monitor for the specific needs of a customer | 90,000 | ||
What amount should Maxtor report as research and development expense in its income statement?
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