According to its income statement, Chico Company had a Depreciation expense of $ ,000 in 2012. Depreciation
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According to its income statement, Chico Company had a Depreciation expense of $ ,000 in 2012. Depreciation recognizes a portion of the cost of fixed assets. The cash outflow for the assets on hand at the beginning of 2012 occurred in earlier years; this Depreciation expense therefore [was / was not] a cash outflow in 2012.
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