In Year 1, a company purchased equipment that cost $70,000. The equipment has a useful life of 7 years and no salvage value. The company used the straight-line method to depreciate the equipment and reported $10,000 of depreciation expense in Years 1 and 2. At the beginning of Year 3, the company determines that the equipment will last for only 3 more years (5 years total) and changes the depreciable life of the asset accordingly. What amount of depreciation expense should the company report in Year 3?