What is the effect on the financial statements of recording depreciation on equipment?
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What is the effect on the financial statements of recording depreciation on equipment?
a. Assets are decreased, but net income and stockholders’ equity are not affected.
b. Net income, assets, and stockholders’ equity are all decreased.
c. Net income and assets are decreased, but stockholders’ equity is not affected.
d. Net income is not affected, but assets and stockholders’ equity are decreased.
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