Equipment with a cost of $89,651.00, an estimated residual value of $6,456.00, and an estimated life of 12 years was depreciated by the straight-line method for 6 years. Due to obsolescence, it was determined that the useful life should be shortened by 5 years and the residual value changed to zero. The depreciation expense for the current and future years is

Select the correct answer.

$4,004.46

$41,597.50

$4,368.50

$48,053.50