Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building, $480,200; land, $303,800; land improvements, $29,400; and four vehicles, $166,600. Compute the first year depreciation expense on the building using the straight line method,assuming a 15 year life and a 31000 salvage value(round answer to nearest whole dollar

r) Depreciation expense on building?