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For this requirement only, assume that at the end of December 2 0 2 2 ( before closing the books for the year ) ,

For this requirement only, assume that at the end of December 2022(before closing the books for the year), the Company reassesses the useful life of its "Machinery and Equipment". Originally, they estimated a useful life of 10 years. Now, they believe it to be 20 years. As at the end of fiscal year 2021, the Accumulated Depreciation for the "Machinery and Equipment" is $8,615. The yearly depreciation expense, up until and including 2021, was $2,970. What is the depreciation expense the company will record in 2022?
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