A company purchased new furniture at a cost of $29,000 on September 30. The furniture is estimated to have a useful life of 5 years and a salvage value of $3500. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31?
A. $1275
B. $1450
C. $1625
D. $5125
E. $425
Answer: A
Business
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