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On December 31, 2023, Jeena Corporation purchased equipment for $150,000. The equipment has an estimated useful life of 5 years and a salvage value of

On December 31, 2023, Jeena Corporation purchased equipment for $150,000. The equipment has an estimated useful life of 5 years and a salvage value of $10,000. Jeena Corporation uses the straight-line depreciation method for all of its equipment. Assuming no depreciation has been recorded prior to December 31, 2023, calculate the depreciation expense for the year ended December 31, 2024

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