Peavey Enterprises purchased a depreciable asset for $29,500 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 $3,500, what will be the amount of accumulated depreciation on this asset on December 31, Year 3?

$6,500

$17,875

$21,667

$5,417

$5,417