Question: What is the effect on the financial statements when a company fails to record depreciation expense at year end? A. Expenses are understated and liabilities

What is the effect on the financial statements when a company fails to record depreciation expense at year end? A. Expenses are understated and liabilities are overstated B. Expenses are understated and stockholders equity are understated C. Net income is overstated and assets are overstated D. Net income is overstated and stockholders equity is understated

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