An asset was purchased for $114,000.00 on January 1, Year 1 and originally estimated to have a useful life of 11 years with a residual value of $9,500.00. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $2,000.00. Calculate the third-year depreciation expense using the revised amounts and straight line method. Select the correct answer. $23,750.00 $22,250.00 $24,250.00 $23,250.00