The following information is available on a depreciable asset Purchase date January 1, Year 1 Purchase price $68,000 Salvage value $10,000 Useful life 10 years Depreciation method straight-line The asset's book value is $56,400 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 $5,640.00 $6,425.00 $5,800.00 $5,140.00 $7,050.00