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Ames Corp. purchased new equipment during the year but neglected to record depreciation. What is the effect of this omission on each of the

Ames Corp. purchased new equipment during the year but neglected to record depreciation. What is the effect of this omission on each of the named accounts? Accumulated Depreciation a. Understated b. Understated c. Overstated d. Overstated e. Overstated Retained Earnings Overstated No effect Understated No effect Understated Depreciation Expense Understated Overstated Understated Overstated Overstated

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