When originally purchased a vehicle costing $23.000 had an estate of years and an estimated svage value of $3.000 A 4 years of straight line depreciation, the total estimated state was revised from 8 years to 6 years and mere was no change in the estimated salvage value. The depreciation expense in year Seoul Mumple Choice 55 DO 52 500 51 SOD $2.07 557750 *** Help Save The following information is available on a depreciable asset Purchase date January 1, Year 1 Purchase price 585,000 Salvage value $10,000 Useful life 10 years Depreciation method straight-line The asser's book value is 570,000 on January 1 Year 3. On that date, management determines that the asset's salvage value should be $5.000 rathe than the original estimate of $10.000. Based on this information, the amount of depreciation expense the company should recognize during Year 3 we be Murple Choice $6,500 58,125 58.750 be: Multiple Choice $5.500 $8.125 $8.750 57000 $7,500