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

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The Answer of Smith has a fiscal year-end of December 31.Smith purchased a piece of equipment for $12, 000 in February with a four-year useful life and a zero residual value.Smith used the equipment to produce finished goods in March that were sold on credit in April with cash collected in May.Smith uses straight-line depreciation.The amount of depreciation expense affecting the reported income on the first quarter income statement was

Smith Has a Fiscal Year-End of December 31