on january 1 2022 the pharoah company

On January 1,2022 , the Pharoah Company ledger shows Equipment $42,600 and Accumulated Depreciation $16,040. The depreciation resulted from using the straight-line method with a useful life of 10 years and a salvage value of $2,500. 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. The revised annual depreciation $