A company purchased equipment on January 1,2022 , for $691,000. In 2022 and 2023 , the company depreciated the asset on a straight-line basis with an estimated service life of eight years and a $27,000 residual value. In 2024, due to changes in technology, the company revised the service life to a total of four years with no residual value. What depreciation would the company record for the year 2024 on this equipment? Note: Round your answer to the nearest dollar amount. Multiple Choice $115,167 $110,667 $262,500 None of the other answer choices are correct