On January 1, Year 1. Young Minds Company purchased an asset that cost $80,000. The asset had an expected useful life of five years and an estimated salvage value of $16,000. Young uses the straight-line method for the recognition of depreciation expense. At the beginning of the fourth year, the company revised its estimated life to 7 years. What is the amount of depreciation expense to be recognized during Year 4 ? On January 1, Year 1, Young Minds Company purchased an asset that cost $80,000. The asset had an expected useful life of five years and an estimated salvage value of $16,000. Young uses the straight-line method for the recognition of depreciation expense. At the beginning of the fourth year, the company revised its estimated life to 7 years. What is the amount of depreciation expense to be recognized during Year 4