The following information is available on a depreciable asset: Purchase date Purchase price January 1, Year...

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The following information is available on a depreciable asset: Purchase date Purchase price January 1, Year 1 $80,000 Salvage value Useful life Depreciation method $10,000 10 years straight-line The asset's book value is $66,000 on January 1, Year 3. On that date, management determines that the asset's salvage value should be $5,000 rather than the original estimate of $10,000. Based on this information, the amount of depreciation expense the company should recognize during Year 3 would be: $6,600.00 $8,250.00 $7,000.00 $6,100.00 $7,625.00 The following information is available on a depreciable asset: Purchase date Purchase price January 1, Year 1 $80,000 Salvage value Useful life Depreciation method $10,000 10 years straight-line The asset's book value is $66,000 on January 1, Year 3. On that date, management determines that the asset's salvage value should be $5,000 rather than the original estimate of $10,000. Based on this information, the amount of depreciation expense the company should recognize during Year 3 would be: $6,600.00 $8,250.00 $7,000.00 $6,100.00 $7,625.00