royal, inc. discovered that equipment purchased on january 1, 20x1 for $300,000 will not last as long as originally estimated. the firm was depreciating the equipment at the rate of $40,000 per year with an estimated salvage value of $20,000. revised estimates on january 1, 20x4 indicate that the equipment will last a total of five years with no salvage value. how much should royal, inc. record as depreciation in 20x4?