TELCO Corp. has leased Salle industrial land near its plant. It is building a small warehouse on the site at a cost of $350,000. The building will be ready for use March 1. The lease will expire 15 years after the building is occupied. The warehouse will belong at that time to the landowner, with the result that there will be no salvage value to TELCO. The warehouse is to be depreciated by MACRS depreciation. The depreciation for the first year (end of year 1) of this lease is most nearly

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