A company purchased new furniture at a cost of $32,000 on September 30. The furniture is estimated to have a useful life of 5 years and a salvage value of $3,800. 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?
a. $470
b. $5,590
c. $1,600
d. $1,790
e. $1,410
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