Sam Company purchased a depreciable asset for $700,000 on April 1, 2015. The estimated salvage value is $70,000, and the estimated useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumulated depreciation on May 1, 2018 when the asset is sold? 1) $346,500 2) $378,000 3) $388,500 4) $472,500