On January 2 2018, Motors Inc. purchased an engine with a cost of $65,000. At the time, it was expected to last 5 years, with a residual value of $1,000. Two years later, on January 2, 2020 a new part was added to the engine, to increase its productivity. The new part has a cost of $17,000. Motors Inc. revised their estimates to extend the expected useful life of the engine to 7 years, and the estimated residual value to $2,000. The revised amortization expense staring January2020, would be: