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A company purchased new equipment during the year but neglected to record depreciation at the end of the year. What is the effect of this

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A company purchased new equipment during the year but neglected to record depreciation at the end of the year. What is the effect of this omission on each of the following? Net Assets will be understated, and Net Income will be overstated Net Assets will be overstated, and Net Income will be understated Net Assets will be overstated, and Net Income will be overstated Net Assets will be understated, and Net Income will be understated

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