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 $974,000. Chan records its bad debts expense for that estimate. On the following February 1. Chan decides that the $487 account of P Park is uncallectible and writes it off as a bad debt On June 5 . Park unexpectedly pays the amount previously written off. Exercise 7-11 (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. Note: Leave no cells blank