Equipment costing $53,300 was purchase on April 1st of 2020. The equipment has a salvage value of $9,020 and an estimated life of 8 years and is depreciated using the straight-line method. On December 31, 2022, before adjusting entries are made the estimated total useful life is revised to 5 years with no change in the salvage value. The depreciation expense for 2022 would be (Round intermediate calculations and final answer to 2 decimal places, e.g. 52.75.) Depreciation expense for 2022 $ eTextbook and Media Solution Assistance Used Assistance Used (Cost - Salvage value) x Fraction of useful life used = Accumulated depreciation; (Cost - Accumulated depreciation - Salvage value) + Remaining useful life = Revised annual depreciation [($53,300 - $9,020)8] 1.75 = $9,686.25; ($53,300 - $9,686.25 - $9,020) 3.25 $10,644.23.