On January 1, 2011, the company purchased equipment for $100,000. Originally, the equipment had a 15-year expected useful life and $13,000 residual value. The company uses straight-line depreciation. On January 1, 2015, the company realized that the equipment would have a total useful life of 12 years instead of 15 years and that the residual value would be $4,000 instead of $15,000. Compute depreciation expense for 2015. (Note: If you need some hints on how to do this exercise, look back at Chapter 11.)