On January 1, 2020, ABC Company spent $400,000 to purchase equipment. The equipment was assigned a $10,000 residual value and a 20-year life. ABC Company will depreciate the equipment using the straight-line method. On January 1, 2025, ABC Company spent $37,000 to overhaul the equipment. This capital expenditure resulted in ABC Company changing the life of the equipment from 20 years to 30 years and adjusting the residual value to be $12,000 at the end of the 30 years. Calculate the depreciation expense recorded on the equipment for 2025.