On January 1, Year 1, Li Company purchased an asset that cost $70,000. The asset had an expected useful life of five years and an estimated salvage value of $14,000. Li uses the straight-line method for the recognition of depreciation expense. At the beginning of the fourth year, the company revised its estimated salvage value to $7,000. What is the amount of depreciation expense to be recognized during Year 4? Multiple Choice $14.700 $11,200 O O $29.400 O O $18,200