During 2017, Alphabet Soup decided to revise downward the estimated useful life of its canning equipment from 14 years to 12 years. The equipment was acquired on January 1, 2010 at a cost of $750,000 and was estimated to have a salvage value of $50,000. Alphabet Soup uses straight-line depreciation for this asset. What would be depreciation expense in 2017 using the revised useful life? Assume that the books for 2017 have not yet been closed, that the salvage value is still expected to be $50,000, and that depreciation has not yet been recognized on this equipment for the year 2017