A Company Purchased New Furniture at a Cost of $14,000

Multiple Choice

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.How much depreciation expense will be recorded for the furniture for the first year ended December 31?

A) $437.50
B) $375.00
C) $1,500.00
D) $500
E) $1,750