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