I'm preparing an income statement for a group project and have a few questions.
If you buy furniture at a cost of $26,000 on Jan 2nd 2009 with estimated useful life of 14 years, would you only put the depreciation expense of $1857 in the income statement?

That's right, assuming there is no salvage value and you are using straight-line depreciation.

14 years is pretty high for the useful life. Was this amount given to you?

there is a salvage value of $5,000 but I didn't think you would include that on an income statement. Yes, 14 years was given to me using straight line.

To compute depreciation, you do it on the cost less salvage value. At the end of the 14 years, there should be $5000 left in book value.