Logic Co. recently negotiated a lump-sum purchase of several assets from a company that was going out of business. The purchase was completed on March 1, 2020, at a total cash price of $1,455,000 and included a building, land, certain land improvements, and 15 vehicles. The estimated market values of the assets were building, $679,400; land, $505,600; land improvements, $110,600; and vehicles, $284,400. The company's fiscal year ends on December 31. 3. Calculate the 2020 depreciation expense on the land improvements assuming a five-year life, $12,000 residual, and double- declining-balance depreciation calculated to the nearest whole month. X Answer is complete but not entirely correct. Depreciation expense $ 36,866 X