3.1 A set of office furniture can be purchased and installed for $10,000. It is in the ten-year ADS property class and is expected to be kept in service for eight years. It is believed that $800 can be obtained when the furniture is disposed of at the end of year eight. The net annual value added (i.e., revenues less expenses) that can be attributed to the furniture is constant over eight years and amounts to $2,500. An effective income tax rate of 30% is used by the company. 1) What is the depreciation in year 8? Please only fill in the number of your calculated result in the blank, e.g., if the result is $100, fill in 100"; also round to the nearest integer. 0.5 Points $ 1125 LATEX Incorrect The correct answer is $500.00 Show Your Attempts v You have used 5 of 5 attempts Submitted Mar 29, 1:11 PM