Question Content Area An asset was purchased for $124,000 on January 1, Year 1, and originally estimated to have a useful life of 8 years with a residual value of $14,000. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $1,600. Compute the third-year depreciation expense using the revised amounts and straight-line method. a.$23,725.00 b.$22,725.00 c.$24,725.00 d.$24,225.00