Biotech Company operates a manufacturing facility where specialized electronic components are assembled for use in consumer products. The facility was purchased in 2011 for a cost of $2,970,000, excluding the land component. At the time of purchase, it was believed that the building would have a useful life of 30 years with no residual value. The company follows the policy of recording a full year of depreciation in the year of an asset's acquisition and no depreciation in the year of an asset's disposal. During 2020, the following transactions with respect to the building occurred: On March 27, the existing boiler system failed and required replacement. The replacement cost of the new unit was $429,000. Management considers this to be a major component of the building, but had not separately recorded the cost of the original boiler, as it was included in the building purchase price. It is estimated inflation has increased the cost of these types of units by 10% since 2011. A small fire in the staff kitchen caused damage that cost $8,000 to repair, was repaired on June 22. A major structural repair to the foundation was undertaken on July 26. This repair cost $67,000 and was