XYZ Corporation purchased equipment for $50,000 on January 1, 2024. The equipment has an estimated useful life of 5 years and a salvage value of $5,000. Using straight-line depreciation, calculate the depreciation expense for the year ended December 31, 2024.

Requirements:

• Calculate annual depreciation expense using the straight-line method.
• Provide the journal entry to record the depreciation expense for 2024.
• Use XYZ Corporation for the company name.