Pharoah Company bought machinery on January 1, 2009, at a cost of $82,000. The machinery had an estimated life of 8 years and salvage value of $14,400. On January1, 2014, Pharoah estimates that the machinery will have a life of only 2 more years from January 1, 2014, and the salvage value is now estimated to be $3,600. Pharoah uses straight-line depreciation. Compute the annual depreciation expense for 2014. Annual depreciation expense for 2014 $