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A company purchases machinery for $50,000. The machinery has an estimated useful life of 5 years and a salvage value of $5,000. Calculate the annual
A company purchases machinery for $50,000.
- The machinery has an estimated useful life of 5 years and a salvage value of $5,000.
- Calculate the annual depreciation expense using the straight-line method.
- Prepare the journal entry to record depreciation for the first year.
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