On June 1, 2004, XYZ Company paid $360,000 to purchase land, building, and equipment. The market value of these assets on that date were: land $90,000; building $260,000; equipment $50,000.Before the facilities could be used, XYZ Company had to spend $4,000 to put the equipment in working order and $15,000 to renovate the building. The building was then estimated to have a useful life of 20 years with a $3,000 salvage value. The building will be depreciated using the straight-line method.Calculate the book value of the building at December 31, 2006. Do not use decimals in your answer.