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ABCCorppurchasedequipmentfor$60,000onJanuary1st,2023.Theequipmenthas an estimated useful life of 6 years and a salvage value of $5,000. Calculate the depreciation expense for the first year using the straight-line

ABC Corp purchased equipment for $60,000 on January 1st, 2023. The equipment has an estimated useful life of 6 years and a salvage value of $5,000. Calculate the depreciation expense for the first year using the straight-line method.

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