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On January 1, Year 1, Li Company purchased an asset that cost $115,000. The asset had an expected useful life of five years and an

On January 1, Year 1, Li Company purchased an asset that cost $115,000. The asset had an expected useful life of five years and an estimated salvage value of $23,000. 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 $11,500. What is the amount of depreciation expense to be recognized during Year 4?

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