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XYZ Corp purchased equipment for $50,000 on January 1, 2024. The equipment has a useful life of 5 years and no salvage value. Calculate the

XYZ Corp purchased equipment for $50,000 on January 1, 2024. The equipment has a useful life of 5 years and no salvage value. Calculate the depreciation expense for the year 2024 using the straight-line method.

Requirement: Show the calculation of annual depreciation expense for XYZ Corp.

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