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A transportation company, TransLogistics Ltd., purchases vehicles for $1,000,000. The vehicles have a salvage value of $100,000 and an expected useful life of 5 years.

A transportation company, "TransLogistics Ltd.," purchases vehicles for $1,000,000. The vehicles have a salvage value of $100,000 and an expected useful life of 5 years.

Determine the annual depreciation expense using the straight-line method and discuss its impact on TransLogistics Ltd.'s financial statements.

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