On January 1, 2004, the Villaluz Mexican Foods ledger shows Equipment $32,000 and Accumulated Depreciation $9,000. The depreciation resulted from using the straight-line method with a useful life of 10 years and salvage value of $2,000. On this date, the company concludes that the equipment has a remaining useful life of only five years with the same salvage value. Compute the revised annual depreciation. LO9