Song 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 January 1, 2018 when the asset is sold? [Depreciation is calculated based on the number of months for which the asset was in use] Select one: a. $252,000 b. $388,500 c. $294,000 d. $346,500