On January 1, 2020, the Grouper Company ledger shows Equipment $69,000 and Accumulated Depreciation―Equipment $10,000. The depreciation resulted from using the straight-line method with a useful life of 12 years and salvage value of $3,500. On this date, the company concludes that the equipment has a remaining useful life of only 4 years with the same salvage value. Compute the revised annual depreciation.