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Sheridan Company bought equipment for $220000 on January 1, 2021. Sheridan estimated the useful life to be 4 years with no salvage value, and the

Sheridan Company bought equipment for $220000 on January 1, 2021. Sheridan estimated the useful life to be 4 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2022, Sheridan decides that the business will use the equipment for a total of 5 years. What is the revised depreciation expense for 2022?

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