The Andrews Company has just purchased $54,248,000 of plant and equipment that has an estimated useful life of 15 years. The expected salvage value at the end of 15 years is $5,424,800. What will the book value of this purchase (exclude all other plant and equipment) be after its third year of use? (Use FASB GAAP)

Select : 1

$47,014,933

$43,398,400

$44,483,360

$39,058,560