A company is planning to replace old equipment with new, more efficient equipment. The company spent $70,000 on a market study and consulting a few months ago. The new equipment will cost $2,800,000. In order to make the equipment operable, the company must pay $80,000 for shipping and $100,000 for necessary training. With the anticipated growth due to the equipment replacement, the company has to invest $120,000 in working capital. The equipment will be depreciated via the straight-line depreciation method down to $300,000 over 25 years. What is the annual depreciation expense