The following information is available on a depreciable asset owned by Mutual Savings Bank:

Purchase date	July 1, Year 1
Purchase price	$78,100
Salvage value	$10,900
Useful life	8 years
Depreciation method	straight-line

The asset's book value is $61,300 on July 1, Year 3. On that date, management determines that the asset's salvage value should be $5,900 rather than the original estimate of $10,900. Based on this information, the amount of depreciation expense the company should recognize during the last six months of Year 3 would be:

• $4,616.67

• $2,554.17

• $2,308.33

• $1,854.17

• $2,241.37

A total asset turnover ratio of 3.0 indicates that:

• For every $1 in sales, the firm acquired $3.0 in assets during the period.

• For every $1 in assets, the firm produced $3.0 in net sales during the period.

• For every $1 in assets, the firm earned gross profit of $3.0 during the period.

• For every $1 in assets, the firm earned $3.0 in net income.

• For every $1 in assets, the firm paid $3.0 in expenses during the period.