Carpenters, Inc., a manufacturing company, acquired equipment on January 1, 2017 for 530,000 . Estimated useful life of the equipment was seven years and the estimated residual value was 14,000 . On January 1, 2020, after using the equipment for three years, the residual value has been revised to 18,000 . The company uses the straight-line method of depreciation. Calculate depreciation expense for 2020.