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XYZ Co. purchases equipment for $75,000 cash on January 1, 2020. XYZ estimates that the equipment has a useful life of five years. XYZ also

XYZ Co. purchases equipment for $75,000 cash on January 1, 2020. XYZ estimates that the equipment has a useful life of five years. XYZ also estimates that the equipment has a salvage value of $15,000. Assume that XYZ uses the straight-line method for depreciation. What is the depreciation expense for the equipment for 2020?

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