The Andrews Company has just purchased $46,968,000

The Andrews Company has just purchased $46,968,000 of plant and equipment that has an estimated useful life of 15 years. The expected salvage value at the end of 15 years is $4,696,800. 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

$38,513,760

$37,574,400

$33,816,960

$40,705,600