On July 1, 2020, Bramble Company purchased for $ 6,840,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $ 285,000. Depreciation is taken for the portion of the year the asset is used.

Assume the company had used straight-line depreciation during 2020 and 2021. During 2022, the company determined that the equipment would be useful to the company for only one more year beyond 2022. Salvage value is estimated at $ 380,000. Compute the amount of depreciation expense for the 2022 income statement.

Depreciation expense

$