Computing Depreciation with an Estimate Change Whitney Company purchases equipment on July 1, 2020, for $68,000. This equipment has a useful life of five years and a residual value of $8,000. The company uses the straight-line depreciation method. On January 1, 2022, the company extended the estimate of the total useful life to eight years and adjusted the salvage value to $4,000. Compute depreciation expense for 2022. Note: Round your answer to the nearest whole dollar. Depreciation expense for 2022: $ 0