On January 1, Year 1, Li Company purchased an asset that cost $60,000. The asset had an expected useful life of five years and an estimated salvage value of $12,000. 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 $6,000. What is the amount of depreciation expense to be recognized during Year 4?
Multiple Choice
$9,600
$12,500
$25,200
$15,600