Nanki Corporation purchased equipment on January 1,2014, for $689,000. In 2014 and 2015, Nanki depreciated the asset on a straight-line basis with an estimated useful life of eight years and a $9,000 residual value. In 2016, due to changes in technology, Nanki revised the useful life to a total of 5 years with no residual value. What depreciation would Nanki record for the year 2016 on this equipment? (Round your answer to the nearest dollar amount) Multiple Choice $111,722 $113,333 None of these answer chhoices are correct $173 000