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The following information is available on a depreciable asset owned by Mutual Savings Bank: Purchase date June 1, Year 1 Purchase price $80,500 Salvage value

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

Purchase date June 1, Year 1
Purchase price $80,500
Salvage value $10,300
Useful life 9 years
Depreciation method straight-line

The asset's book value is $64,900 on June 1, Year 3. On that date, management determines that the asset's salvage value should be $5,300 rather than the original estimate of $10,300. Based on this information, the amount of depreciation expense the company should recognize during the last six months of Year 3 would be:

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