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 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