A new vehicle was purchased on January 1 for $38,000. It has a salvage value of $7,000 and a useful life of 5 years. To the nearest dollar, how much will the depreciation expense for the vehicle be for the first year using the straight - line method? A company purchased furniture on January 1. Its cost was $15,600, and it had a residual value of $1,600. Its useful life is determined to be 3 years. Using double - declining balance depreciation, the depreciation for year 1 to the nearest dollar will be: $4,667. $10,400. $5,200. $9,333