Peavey Enterprises purchased a depreciable asset for $30,500 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 $3,700, Peavey Enterprises should recognize depreciation expense in Year 2 in the amount of: Multiple Choice $6,700.00 $5,583.33 $25,683.33 $26,800.00 $7,625.00