The Walters Company made the following expenditures for research and development early in 2010: $40,000 for materials, $50,000 for contract services, $40,000 for employee salaries, and $400,000 for a building with an expected life of 20 years to be used for current and future research projects. Walters uses straight-line depreciation. The company allocated $10,000 in overhead to research and development. What is Walters' research and development expense for 2010?