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, Peavey Enterprises should recognize depreciation expense in Year 2 in the amount of: Multiple Choice o $26,000.00 o $6,500.00 o $24,916.67 o $7,375.00 C $5,416.67