On January 1, 2020, the Martinez Company ledger shows Equipment $31,000 and Accumulated Depreciation Equipment $10.900. The depreciation resulted from using the straight-line method with a useful life of 12 years and salvage value of $3,200 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 $