Concord Company purchased a machine on January 1, 2019, for $53000 with an estimated salvage value of $12000 and an estimated useful life of 8 years. On January 1, 2021, Concord decides the machine will last 12 years from the date of purchase. The salvage value is still estimated at $12000. Using the straight-line method, the new annual depreciation will be

$3075.

$3417.

$4100.

$4417.