Chris purchases a new tractor for $50,000. The expected life of the tractor is 3 years. He reckons that he can sell the tractor for $5,000 when he stops farming in 3 years. His farm's tax rate is 34%. What is the depreciation expense for year 3 if Chris depreciates the tractor using the 3-year MACRS classification? You can use the 3-year MACRS table in the Capital Investment Decision slides