On January 1, 2019, the Pharoah Company ledger shows Equipment $66,000 and Accumulated Depreciation-Equipment $9,000. The depreciation resulted from using the straight-line method with a useful life of 7 years and salvage value of $4,800. On this date, the company concludes that the equipment has a remaining useful life of only 5 years with the same salvage value. Compute the revised annual depreciation. Revised annual depreciation