A company purchased equipment for $500,000 in early 2021. Equipment is depreciated on a straight-line basis with an estimated useful life of nine years and a residual value of $50,000. At the beginning of 2024, the company revised the equipment's useful life to a total of seven years (four more) due to changing customer demand. The company also revised its expected residual value to $30,000. How much depreciation expense does the company record for this equipment for 2024?

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