A manufacturing company, acquired equipment on January 1, 2014 for $600,000. Estimated useful life of the equipment was 7 years and the estimated residual value was $40,000. On January 1, 2017, after using the equipment for 3 years, the total estimated useful life has been revised to 9 years. Residual value remains unchanged. The company uses the straight-line method of depreciation. Calculate depreciation expense for the year 2017.