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Required information Use the following Information for the Exercises 10-11 below. (Algo) [The following information applies to the questions displayed below.) At year-end December 31. Chan Company estimates its bad debts as 0.40% of its annual credit sales of $842,000. Chan records its bad debts expense for that estimate. On the following February 1 Chan decides that the $421 account of P Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Exercise 9-11 (Algo) Financial statement impact of bad debts expense and write-offs LO P3 Determine the impact of the December 31, February 1, and June 5 transactions on the accounting equation. For each transaction. indicate whether there would be an increase, decrease, or no effect, for Assets, Liabilities, and Equity. (Leave no cells blank.) Assets Liabilities Equity December 31 February 1 June 5 C