Current Attempt in Progress On January 1, 2020, the Sheffield Company ledger shows Equipment $71,000 and Accumulated Depreciation-Equipment $10,000. The depreciation resulted from using the straight-line method with a useful life of 7 years and salvage value of $3,800. On this date, the company concludes that the equipment has a remaining useful life of only 4 years with the same salvage value. Compute the revised annual depreciation. Revised annual depreciation $