O Multiple Choice A company purchased new furniture at a cost of $28,000 on January 1. The furniture is estimated to have a useful life of 5 years and a salvage value of $3,400. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31? $1,570 $4,920 $1,230 $1,400 $5,740