Lorenzo Corporation purchased equipment on January $1,2019$ for $$600,000.$ The equipment had an estimated useful life of $5$ years and an estimated salvage value of $$60,000.$ After using the equipment for $2$ years, the company determined that the equipment could be used for an additional $6$ years and have a salvage value of $$8000.$ Assuming Lorenzo Corporation uses straight$-$line depreciation, compute depreciation expense for the year ending December $31,2021.($Round your final answer to the nearest dollar.