Recall from the last question that the real-estate holdings company acquired a new property on July 1, 2021. The company has a fiscal year-end of July 31. The details on the building and land for the new property are as follows: Building Cost basis - $40.0 million. Useful life 30 years. Land Cost basis $10.0 million. What would the accounting depreciation expense be for the fiscal year ended July 31, 2022?

$111 thousand.

$1.33 million.

$40.0 million.

$30.0 million.