A company purchased a new delivery van at a cost of $74,000 on May 1. The delivery van is estimated to have a useful life of 6 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 van during the first year ended December 31? Select one: O a. $7,000 O b. $5,000 c. $6,000 O d. $8,000 O e. $12,000