Due to an office redesign in the Ontario building, FFI traded some old office equipment for different office equipment with a similar life and value in use. The fair value of the equipment disposed of was $5,000. The cost of this equipment was $7,000, and the accumulated depreciation on the equipment at December 31, 2016, was $3,000. This transaction was not recorded in the books of account. No entry was made to record the exchange.

Instruction: Write increase, decrease, or no impact in each box and create the entries:

	Carrying Value	Fair Value
Assets
Liabilities
Net income