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On January 1, Year 1. LI Company purchased an asset that cost $40,000. The asset...

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Accounting

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On January 1, Year 1. LI Company purchased an asset that cost $40,000. The asset had an expected useful life of five years and an estimated salvage value of $8,000. Li uses the straight-line method for the recognition of depreciation expense. At the beginning of the fourth year, the company revised its estimated salvage value to $4,000. What is the amount of depreciation expense to be recognized during Year 4? Multiple Choice $10,400 $8,400 $16,800 $6,400 10 Next

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