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The following information is available on a depreciable asset owned by Mutual Savings Bank: Purchase date July 1, Year 1 Purchase price $115,600 Salvage value

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

Purchase date July 1, Year 1
Purchase price $115,600
Salvage value $11,200
Useful life 12 years
Depreciation method straight-line

The asset's book value is $98,200 on July 1, Year 3. On that date, management determines that the asset's salvage value should be $6,200 rather than the original estimate of $11,200. 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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