The following information is available on a depreciable asset: Purchase date Purchase price Salvage value Useful life Depreciation method January 1, Year 1 $ 96,000 $10,000 10 years straight-line The asset's book value is $78,800 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: Multiple Choice $7,880.00 $9,225.00 $8,600.00 $7,380.00 $9,850.00