On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful life was 5 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipments remaining useful life was 10 years, with a revised salvage value of $5,000.

Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $__________________

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