On January 2, 1998, a company purchased and placed in operation a new machine at a total cost of \(\$ 60,000\). Depreciation was recorded on the machine for 1998 and 1999 under the straight-line method using an estimated useful life of five years and no expected salvage value. Early in 2000 , the machine was overhauled at a cost of \(\$ 20,000\). The estimated useful life of the machine was revised upward to a total of seven years.

Compute the depreciation expense on the machine for 2000 .