Goodfellow's Floral Shop purchased a new van at a cost of $60,000 with an expected useful life of 100,000 miles and an expected salvage value of $10,000. Assuming Goodfellow's is using "units of production" depreciation, how much depreciation expense should be charged in the first year if the van is driven 15,000 miles? (Note: I have posted a depreciation grid, similar to those used in the labs, in the optional worksheets for the midterm - you are welcome to use the grid to help calculate the answer.) $7,500 $12,500 $15,000 $30,000 Goodfellow's Flower Shoppe - double declining balance depreciation Original Cost Book Value (beg) x DDB rate Depreciation Expense Accumulated Depreciation Book Value (end) yr 1 yr 2 yr 3 yr 4 yr 5