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Answer:
$53,091,200
Explanation:
Depreciation expenses = Cost - Salvage value / Expected useful life of the plant and equipment
Depreciation expenses = $56,480,000 - $5,648,000 / 15 years
Depreciation expenses = $50,832,000 / 15 years
Depreciation expenses = $3,388,800
Book value = Cost - Depreciation expenses for first year
Book value = $56,480,000 - $3,388,800
Book value = $53,091,200
Thus, the book value of plant and equipment after its first year of use is $53,091,200.