14 Having a very successful year, the real-estate holdings company manages to acquire a new property on July 1, 2021. The company has a fiscal year-end of July 31. The details on the building and land for the new property are as follows: Building Cost basis- $40.0 million. Useful life - 30 years. Land Cost basis $10.0 million. What would the accounting depreciation expense be for the fiscal year ended July 31, 2021? $111 thousand. $1.67 million. $30.0 million. $1.33 million. 0000