On April 1, Radcliff Corporation, a calendar year taxpayer, purchased land, a warehouse, and equipment (7-year property) for a total price of $500,000. An appraiser determined that the land has a value of $220,000, the warehouse a value of $264,000, and the equipment a value of $66,000. If Radcliff does not elect Section 179 expensing or bonus depreciation, what is its depreciation expense for this first year?