On January 1, 2022, the Morgantown Company ledger shows Equipment $32,000 nd Accumulated Depreciation $9,000. The depreciation resulted from using the straight-line method with a useful life of 10 years and a salvage value of $2,000. On this date, the company concludes that the equipment has a remaining useful life of only 4 years with the same salvage value. Compute the revised annual depreciation.