Current Attempt in Progress Waterway Company purchased equipment on January 1, 2019, for $87,720 with an estimated salvage value of $24,480 and estimated useful life of 8 years. On January 1, 2021, Waterway decided the equipment will last 12 years from the date of purchase. The salvage value is still estimated at $24,480. Using the straight-line method the new annual depreciation will be: New annual depreciation