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

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The Answer of 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

Hill Has a Fiscal Year-End of December 31