Multiple Choice A company purchased a new delivery van at a cost of $62,000 on January 1. The delivery van is estimated to have a useful life of 5 years and a salvage value of $5,000. 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? $5,700. $6,200. $6,000. $6,700. $11,400.