points 1 TB MC Qu. 03-204 (Algo) On January... On January 1, a company purchased new furniture at a cost of $28,000. 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? Book As Multiple Choice Pri References $1,400 $4,920