A company purchased a machine on January 1, 2015, for $42,750. At the time of purchase, the machine was estimated to have a life of four years and a residual value of $7,750. On January 1 2017, Manna determined that the machine had a total useful life of seven years (another five years left) and a residual value of $4,500. If the company uses the straight-line method of depreciation, what is the depreciation expense for the machine in 2017?