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Question 8 i pts On January 1. Year 1. Li Company purchased an asset that...

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Question 8 i pts On January 1. Year 1. Li Company purchased an asset that cost $80,000. The asset had an expected useful life of five years and an estimated salvage value of $16.000. 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 $8,000, 1. What is the annual depreciation from year 1 thircigh year 3 2. What is the book value of the asset at the end of year 3 3. What is the depreciation expense for the year 4

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