The following is a Statement of Values which details the information about each insured location. This Statement of Values will apply to all parts of question 8. The information for each Premises and Building Number is at the beginning of each question. Eastern Investors, Inc. owns and manages a number of office buildings, apartment complexes, strip shopping centers, convenient stores and warehouses, all located in Eastern North Carolina. They lease space to various entities for office occupancies, storage or retail sales. Listed below are the properties owned. All are insured in a CPP using the Building and Personal Property Coverage Form CP 00 10 10 12. The replacement Cost option has been checked on the Commercial Property Coverage Part Declarations Page Assume Building Replacement Cost and Personal Property Replacement Cost is the actual value of the property at the time of loss unless stated different in the question. 8. Coinsurance, Vacancy, Debris Removal, and other coverage questions. . . A. Premises Number 1 Building Number 1 Occupancy: Owner Occupied Office Building (Eastern Investors, Inc.) Location: 1005 Arlington Blvd. Greenville, NC Building Replacement Cost: $800,000 Personal Property Replacement Cost: $300,000 Limit of Insurance Building $800,000 Personal Property $300,000 Coinsurance 80% Deductible $1,000 . . Question: Premises 1, Building 1: Lightning hit the building and did $50,000 damage. How much will the Indurance Company pay? Show your calculations