4 4 On January 1, 2018, the company purchased a piece of equipment for $60,000. The company expects to dispose of the equipment for $8,000 after 6 years. On January 1, 2020, the company updates their estimate believing that the equipment will last for a total of 8 years, at which point it will have no residual value. What is the amount of depreciation expense for 2020? $5,778 O $5,333 $10,667 $7,111 $7,500