Will's Company has been depreciating all equipment straight line over 5 years with a 10% salvage value. Starting with calendar year 2020, it has been proposed to change the useful life of equipment to 8 years as part of a new maintenance program to make the equipment last longer. Salvage values would be reduced to 5%. The change would be applied to equipment in current use as a change in estimate. Equipment was purchased on 7/1/2015 at a cost of $55,000. A second equipment purchase was made in 10/01/2016 for $400,000.

New annual depreciation on the 2015 equipment is

New annual depreciation on the 2016 equipment is