Horizon Company owns a building that appears on its prior year-end balance sheet at its original $631,000 cost less $536,350 accumulated depreciation....

Horizon Company owns a building that appears on its prior year-end balance sheet at its original $631,000 cost less $536,350 accumulated depreciation. The building is depreciated on a straight-line basis assuming a 20-year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $75,585 cost. The repairs extend its useful life for 7 years beyond the 20 years originally estimated.Determine the book value of the building immediately after the repairs are recorded.