An asset was purchased for $118,000 on January 1 , Year 1 and originally estimated to have a useful life of 12 years with a residual value of $9,500. 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. Calculate the third-year depreciation expense using the revised amounts and straight-line method. a. $25,479.17 b. $23,479,17 c. $24,479.17 d. $24,979.17