Salvage value Useful life $10,000 10 years Depreciation method straight-line The asset's book value is $70,000 on January 1, Year 3 On that date, management determines that the asset's salvage value should be $5.000 rather than the original estimate of $10,000. Based on this information, the amount of depreciation expense the company should recognize during Year 3 would be The folowing information is available on a depreciable asset Purchase date: Purchase price Multiple Choce O January 1, Year 1 $85,000 $1750 $6.500 $2500 $7000 000 54325