On Jan. 1, 2014, a company placed into service a machine that had an acquisition cost of $65,000, a salvage value of $5,000, and an estimated useful life of 12 years. On Jan. 1, 2016, after two years of depreciation, the company revised the estimated useful life of the machine to 10 years. How much annual depreciation expense should be recognized for 2016, using straight-line depreciation?