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ABC Corp. purchased an asset on January 1, 2015, for $13,300. The asset was expected to have a ten-year life and a $1,000 salvage value.

ABC Corp. purchased an asset on January 1, 2015, for $13,300. The asset was expected to have a ten-year life and a $1,000 salvage value. ABC Corp. uses the straight-line method of depreciation. On January 1, 2017, ABC Corp. made a major repair to the asset of $5,000, extending its life. The asset is expected to last ten years from January 1, 2017.

Calculate the amount of depreciation for 2017.

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