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O'Hare Company, is a manufacturing firm that uses a job-order cost system to determine the...

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Accounting

O'Hare Company, is a manufacturing firm that uses a job-order cost system to determine the costs of its products. During the current accounting period, O'Hare recognized depreciation of $600 on manufacturing equipment. Which of the following describes the effect of this event on the accounting equation?

Total assets increase and net income increase.

Both total assets and total equities increase.

Total assets and total equity are unaffected.

Total assets and net income decrease.

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