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Calculate the depreciation expense for the year ended December 31, 2023, for an asset with a cost of $50,000, salvage value of $5,000, and a

Calculate the depreciation expense for the year ended December 31, 2023, for an asset with a cost of $50,000, salvage value of $5,000, and a useful life of 5 years, using the straight-line method.

Requirements: Apply the straight-line depreciation method and provide the calculation showing the annual depreciation expense.

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