On January 1, 2022, the Concord Company ledger shows Equipment $28,160 and Accumulated Depreciation $7.920. The depreciation resulted from using the straight-line method with a useful life of 10 years and a salvage value of $1,760. On this date, the company concludes that the equipment has a remaining useful life of only 4 years with the same salvage value. Compute the revised annual depreciation. Revised annual depreciation $