Sheridan Company purchased equipment on January 1, 2019, for $98,040 with an estimated salvage value of $27,360 and estimated useful life of 8 years. On January 1, 2021, Sheridan decided the equipment will last 12 years from the date of purchase. The salvage value is still estimated at $27,360. Using the straight-line method the new annual depreciation will be: New annual depreciation $ GA 5890