On July 1, 2020, Sheffield Company purchased for $5,940,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $247,500. 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 $330,000. What is the depreciation base of this asset? Depreciationbase $