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Lomax Enterprises purchased a depreciable asset for $27,500 on March 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $3,100, Lomax Enterprises should recognize depreciation expense in Year 2 in the amount of:

a) $23,383.33

b) $6,100.00

c) $24,400.00

d) $5,083.33

e) $6,875.00

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