$!$

Required information

$[$The following information applies to the questions displayed below.$]$

Steve's Outdoor Company purchased a new delivery van on January $1$ for $$56,000$ plus $$4,800$ in sales tax. The company

paid $$13,800$ cash on the van $($including the sales tax$),$ signing an $8$ percent note for the $$47,000$ balance due in nine

months $($on September $30).$ On January $2,$ the company paid cash of $$900$ to have the company name and logo painted

on the van. On September $30,$ the company paid the balance due on the van plus the interest. On December $31($the end

of the accounting period$),$ Steve's Outdoor recorded depreciation on the van using the straight$-$line method with an

estimated useful life of $5$ years and an estimated residual value of $$5,600.$

Compute the depreciation expense to be reported for Year $1.$