whitney company purchases equipment on july 1 of year 1 for $68,000. this equipment has a useful life of five years and a residual value of $8,000. the company uses the straight-line depreciation method. on january 1 of year 3, the company extended the estimate of the total useful life to eight years and adjusted the salvage value to $4,000. compute depreciation expense for year 3. note: round your answer to the nearest whole dollar.
