An asset was purchased for $122,000 on January 1, Year 1 and originally estimated to have a useful life of 12 years with a residual value of $14,000. 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 $3,000. Calculate the third-year depreciation expense using the revised amounts and straight-line method. a. $24,250.00 b. $25,250.00 c. $25,750.00 d. $26,250.00 Expected useful life is a. determined each year that the depreciation calculation is made b. none of these c. estimated at the time that the asset is placed in service d. calculated when the asset is sold If a fixed asset, such as a computer, were purchased on January 1st for $2,175 with an estimated life of 7 years and a salvage or residual value of $237, the journal entry for monthly expense under straight-line depreciation is 23.07 23.07 276.86 235.86 Ca. Depreciation Expense Accumulated Depreciation b. Depreciation Expense Accumulated Depreciation c. Accumulated Depreciation Depreciation Expense d. Accumulated Depreciation Depreciation Expense 275.86 276.86 23.07 23.07