Peavey Enterprises purchased a depreciable asset for $23,500 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $2,300, Peavey Enterprises should recognize depreciation expense in Year 2 in the amount of: Multiple Choice $5,875.00 $21,200.00 $20,316.67 $4,416.67 $5,300.00