31. Salem Company constructed an office building for 11,200,000 on land costing 2,800,000, which Salem Company owned initially. The building was complete and ready to be used on January 1, 2020 and it has a useful life of 40 years. The price of the building included land improvements costing 840,000 and property costing 1,050,000. The useful lives of the land improvements and the personal property are 10 years and 5 years, respectively. Salem Company uses component depreciation, and the company uses straight-line depreciation for other similar assets. What is the net amount reported for the building on Salem Company's December 31, 2020 statement of financial position? (3pt) a. 10,731,000 b. 10,603,250 c. 9,077,250