In the summation (cost) method of valuation, which of the following steps is the ONLY one that a valuer would take in estimating value?

a.

Estimate the net operating income of the property.

b.

Determine the value of the land using the Assessed Annual Value and tax rate.

c.

Estimate the accrued depreciation.

d.

Calculate the acquisition price of the construction material used when the structure was built.