A company purchased a piece of machinery for $50,000. It has no salvage (residual) value and has a useful life of 5 years. What is the correct journal entry to record annual depreciation using the straight-line method? A) Debit Depreciation Expense 50,000 and Credit Accumulated Depreciation 50,000 B) Debit Accumulated Depreciation 10,000 and Credit Depreciation Expense 10,000 C) Debit Depreciation Expense 10,000 and Credit Machinery 10,000 OD) Debit Depreciation Expense 10,000 and Credit Accumulated Dimpreciation 10,000