Accounting

he following information is available on a depreciable asset owned by First Bank & Trust:
Purchase date October 1, Year 1
Purchase price $99,700
Salvage value $10,600
Useful life 11 years
Depreciation method straight-line

The asset’s book value is $83,500 on October 1, Year 3. On that date, management determines that the asset’s salvage value should be $5,600 rather than the original estimate of $10,600. Based on this information, the amount of depreciation expense the company should recognize during the last three months of Year 3 would be (Do not round intermediate calculations. Round your final answer to two decimal places):