On January 1, 2022, the Crane Company ledger shows Equipment $36,500 and Accumulated Depreciation $13,480. The depreciation resulted from using the straight-line method with a useful life of 10 years and a salvage value of $2,800. 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.