On January 1, Year 1, Dalen Company purchased office equipment that cost $3,500. The equipment had an estimated five-year useful life and an estimated salvage value of $750. The company uses the straight-line method. What is the depreciation expense shown on the income statement and the related cash flow from operating activities shown on the statement of cash flows, respectively, for Year 1?
A. $3,500 and $3,500
B. $550 and $3,500
C. $0 and $550
D. $550 and $0
Answer: D
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