Pharoah Farms purchased real estate for $1,200,000, which included $3,500 in legal fees. It paid $260,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $471,800, a building appraised at $754,880, and fences and other land improvements appraised at $121,320. The building has an estimated useful life of 60 years and a $54,000residual value. Land improvements have an estimated 15-year useful life and no residual value.

Calculate the annual depreciation expense for the building and land improvements assuming Pharoah Farms uses straight-line depreciation. (Round answers to 0 decimal places, e.g. 5,275.)

		Annual Depreciation Expense
Building		$enter a dollar amount rounded to 0 decimal places
Land Improvements		$enter a dollar amount rounded to 0 decimal places