Assuming a 360-day year, the interest on a $30,000, 6%, 60-day note receivable is Blue Company hired Red Construction to construct an office building for $780,000 on land costing $500,000, which Blue Company owned. 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 $180,000 and property costing $340,000 The useful lives of the land improvements and the personal property are 10 years and 5 years, respectively Blue 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 Blue Company's December 31, 2020 statement of financial position