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An asset was purchased for $116,000.00 on January 1, Year 1 and originally estimated to have a useful life of 10 years with a residual

An asset was purchased for $116,000.00 on January 1, Year 1 and originally estimated to have a useful life of 10 years with a residual value of $13,500.00. 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 $2,600.00. Calculate the third-year depreciation expense using the revised amounts and straight line method.

Select the correct answer.

$22,225.00

$23,225.00

$24,225.00

$23,725.00

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