Question & Answer: On January 1, 2017, the Sandhill Co. ledger shows Equipment $43,400 and Accumulated Depreciation $16,360. The depreci…..

On January 1, 2017, the Sandhill Co. ledger shows Equipment $43,400 and Accumulated Depreciation $16,360. The depreciation resulted from using the straight-line method with a useful life of 10 years and a salvage value of $2,500. On this date, the company concludes that the equipment has a remaining useful life of only 2 years with the same salvage value.

What is the annual depreciation for the problem above. please assist with the formulas.