Charlie Company purchased a building for $5 million. The building has a 20-year useful life and zero residual value. The company uses the straight-line method to depreciate buildings. After using and depreciating the building for 12 years, the company obtained an appraisal, which put the value of the building at $4 million; the company revalued the building to that amount.

Required:
Compute the annual amount of depreciation expense for the first 12 years and for the last 8 years of the building’s useful life.