Lockard Company purchased machinery on January 1,2020 , for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. Compute 2020 depreciation expense using the sum-of-the-years'-digits method. Depreciation expense $ Compute 2020 depreciation expense using the sum-of-the-years'-digits method, assuming the machinery was purchased on April 1, 2020. (Round answer to 0 decimal places, e.g. 5,125.)