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On April 1, 2017, Concord Corporation paid $38400 cash for equipment that will be used in business operations. The equipment will be used for

On April 1, 2017, Concord Corporation paid $38400 cash for equipment that will be used in business operations. The equipment will be used for four years. Concord's records depreciation expense of $38400 for the calendar year ending December 31, 2017. Which accounting principle has been violated?

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