On January 1, Year 1 Jones Co. purchased an asset that cost $300,000. The bus had an expected useful life of 8 years and a 550.000 salvage value. The amount $46,875. 556,250. 562.500. $75.000. and a 550,000 salvage value. The amount of depreciation expense recognized for Year 2 assuming that Jones uses the double declining balance method is