On January 1, 2007, the company purchased equipment for $100,000. Originally, the equipment had a 12-year expected useful life and $4,000 residual value. The company uses straight-line depreciation. On January 1, 2011, the company realized that the equipment would have a total useful life of 15 years instead of 12 years and that the residual value would be $15,000 instead of $4,000. Compute depreciation expense for 2011. Note: If you need some hints on how to do this exercise, look back at Chapter 11.