On January 1,2010,Woodstock,Inc.purchased a machine costing $40,000.Woodstock also paid $1,000 for transportation and installation.The expected useful life of the machine is 6 years and the residual value is $5,000.How much is the annual depreciation expense assuming use of the straight-line depreciation method?

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Annual depreciation expense ($6,000) = ($40,000 + $1,000 - $5,000) F1F1F1S1F1F1F10 6