A company purchased new furniture at a cost of $14,000 on September 30. The furniture is estimated to have a useful life of 8 years and a salvage value of $2,000. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year?
A. $12,500.00
B. $13,562.50
C. $13,625.00
D. $13,500.00
E. $12,250.00
Answer: C
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