Santayana Company purchased a machine on January 1, 2014, for $20,000 with an estimated salvage value of $5,000 and an estimated useful life of 8 years. On January 1, 2016, Santayana decides the machine will last 12 years from the date of purchase. The salvage value is still estimated at $5,000. Using the straight-line method, the new annual depreciation will be?