What is the effect on the financial statements of recording depreciation on equipment? a. Assets are decreased,

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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 shareholders' equity are not affected.

b. Net income, assets, and shareholders' equity are all decreased.

c. Net income and assets are decreased, but shareholders' equity is not affected.

d. Net income is not affected, but assets and shareholders' equity are decreased.

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