Equipment with a cost of $79,460.00, an estimated residual value of $4,376.00, and an estimated life of 15 years was depreciated by the straight-line method for 4 years. Due to obsolescence, it was determined that the remaining useful life should be shortened by 3 years and the residual value changed to zero. The depreciation expense for the current and future years is

Select the correct answer.

$3,962.51

$7,429.70

$8,491.09

$20,022.40