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 12years 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 $