Question: 3. Chapter 2: Questions 2.14 (a and b) [Tip for 2.14(b), Part 7: The fair value of the asset is $26,000 on Dec. 31, 2018.]

3. Chapter 2: Questions 2.14 (a and b) [Tip for 2.14(b), Part 7: The fair value of the asset is $26,000 on Dec. 31, 2018.] Please use the following descriptive style to answer question 2.14 ( a and b ). 2.14(a) Assume for this part that SCCO accounts for the equipment using historical cost adjusted for depreciation and impairment losses. (1) SCCO records the equipment using historical cost of $100,000 (and reduces cash by the same amount). - Assets (Equipment) increase by $100,000. - Assets (Cash) decrease by $100,000. - No impact on net income

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