General Hospital bought a new laser knife for its surgery department. The laser knife cost $50,000 and is expected to be used by the hospital for 15 years. At the end of that time, the laser knife will have a salvage value of $5,000 and General Hospital will sell it to recover these funds.

General Hospital's accounting department applies straight-line depreciation to all equipment.

Considering all of this information, what is the annual depreciation expense that will be entered for the life of the laser knife?