Monty Furniture started construction of a combination office and warehouse building for its own use at an estimated cost of 4,320,000 on January 1, 2022. Monty expected to complete the building by December 31, 2022. Monty has the following debt obligations outstanding during the construction period. Construction loan-12\% interest. payable semiannually, issued December 31.2021 Short-term loan-10\% interest, payable monthly, and principal payable at maturity on May 30, 2023 1,408,000 Compute the depreciation expense for the year ended December 31, 2023. Monty elected to depreciate the building on a straight-line basis and determined that the asset has a useful life of 30 years and a residual value of 288,000. (Round answer to 0 decimal places, e. 3,5,275. Depreciation Expense