Farmer Company purchased equipment on January 1, Year 1 for $91,000. The machines are estimated to have a 5-year life and a salvage value of $12,000. The company uses the straight-line method. At the beginning of Year 4, Farmer revised the expected life to eight years. What is the annual amount of depreciation expense for each of the remaining years in the machine's life? Multiple Choice $8,720 $3,950 $5,450 $6,320