An Objective Balance Sheet? Ted Roderiguez is very excited about starting his part-time gardening service. A senior high school student, he has studied some accounting and has included following two assets on his beginning balance sheet: Lawn mowers $ 160 Pick-up truck $1 000 that he got a very good deal and that they are worth at least $80 each. The picku Ted purchased the two lawn mowers at a local flea market for $20 each but fe truck was a gift from his uncle. Ted thinks he has seen similar trucks advertised the local newspapers for about $2 000. Ted would like his balance sheet to be aco rate and to follow Generally Accepted Accounting Principles (GAAPs). Questions 1. Has Ted violated any GAAPs on his balance sheet? Explain. 2. If he has made mistakes, how should he correct them? 3. How can an accurate balance sheet value for the truck be determined? 4. How would an overstatement of Ted's assets affect his capital on the balance sheet