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Song Company purchased a depreciable asset for $350,000 on April 1, 2012. The estimated salvage value is $35,000, and the estimated useful life is 5

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Song Company purchased a depreciable asset for $350,000 on April 1, 2012. The estimated salvage value is $35,000, 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, 2015 when the asset is sold? $173,250 $126,000 $147,000 $194,250

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