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Determine the annual depreciation expense using the straight-line method for an asset with the following details: Initial cost: $50,000 Salvage value: $5,000 Useful life: 10

Determine the annual depreciation expense using the straight-line method for an asset with the following details:
1. Initial cost: $50,000
2. Salvage value: $5,000
3. Useful life: 10 years

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