Question: Refer to E9-9. In information chapter 9 exercise 9 Equipment (estimated residual value, $4,000) ........................ $16,000 Accumulated Depreciation (straight-line, one year) ..................... 2,000 Required: If

Refer to E9-9.

In information chapter 9 exercise 9

Equipment (estimated residual value, $4,000) ........................ $16,000

Accumulated Depreciation (straight-line, one year) ..................... 2,000

Required:

If TTC's management estimated that the equipment had future cash flows and a fair value of only $6,800 at December 31, 2013, how would this affect TTC's balance sheet and income statement? Explain.

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