Valentine Co. owns a building which was purchased for $500,000 on December 31, 2010. Valentine expects to use the building for 40 years, at which time it estimates it will be able to sell the building for $100,000. Valentine allocates costs evenly over the periods in which they provide benefits. On December 31, 2015, the building has an appraised value of $525,000. At what net amount would the building be reported on the December 31, 2015 balance sheet? Select one: a. $350,000 b. $500,000 C. $525,000 d. $450,000