The Andrews Company has just purchased $48,788,000 of plant and equipment that has an estimated useful life of 15 years. The expected salvage value at the end of 15 years is $4,878,800. What will the book value of this purchase (exclude all other plant and equipment) be after its third year of use? (Use FASB GAAP)

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• $42,282,933

• $39,030,400

• $40,006,160

• $35,127,360