Problem 2 (15 points) Kendall Kustomized Manufacturing acquired equipment on January 1, 2019, at a cost of $75,000. The equipment was originally estimated to have a salvage value of $5,000 and an estimated life of 10 years. Depreciation has been recorded through December 31,2022 using the straight-line method. On January 1, 2023, the estimated salvage value was revised to $7,000 and the useful life was revised to a total of 8 years from the date of purchase. Instructions Determine the depreciation expense for 2023 (show your calculations below)