Hill has a fiscal year-end of December 31. In February, Hill purchased a piece of equipment for $12,000 with a four-year useful life and a zero residual value. Hill used the equipment to produce finished goods in March that were sold on credit in April with cash collected in May Hill uses straight-line depreciation. The amount of depreciation expense affecting the reported income on the first quarter income statement was Select one: a. $500 O b. $700 O c. $250 Od. $0