The Andrews Company has just purchased $$55,120,000$ of plant and equipment that has an estimated useful life of $15$ years. Suppose at the end of $15$ years this plant and equipment can be salvaged for $$5,512,000(\frac{1}{10}$ th of its original cost$).$ What will be the book value of this purchase $($excluding all other Plant and Equipment$)$ after its first year of use? Use generally accepted $($FASB$)$ accounting principles.