On December 31, the year end, a company forgot to record $7,000 of depreciation on office equipment. In the current year financial statements, what is the effect of this error on assets, net income, and equity?

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The Answer of On December 31, the year end, a company forgot to record $7,000 of depreciation on office equipment. In the current year financial statements, what is the effect of this error on assets, net income, and equity?

On December 31, the Year End, a Company Forgot to Record