Current Attempt in Progress Teal Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,500,000 on January 1, 2020. Teal expected to complete the building by December 31, 2020. Teal has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 $2,200,000 1,650,000 1,100,000 Your answer is incorrect. Compute the depreciation expense for the year ended December 31, 2021. Teal elected to depreciate the building on a straight- line basis and determined that the asset has a useful life of 30 years and a salvage value of $330,000. (Round answer to O decimal places, e.g. 5,275.) Depreciation Expense 59 $ Current Attempt in Progress Teal Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,500,000 on January 1, 2020. Teal expected to complete the building by December 31, 2020. Teal has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 $2,200,000 1,650,000 1,100,000 Your answer is incorrect. Compute the depreciation expense for the year ended December 31, 2021. Teal elected to depreciate the building on a straight- line basis and determined that the asset has a useful life of 30 years and a salvage value of $330,000. (Round answer to O decimal places, e.g. 5,275.) Depreciation Expense 59 $