Transaction Analysis. For the following transaction, indicate the direction of the effect (increase, decrease or no effect) on the elements of the balance sheet and Income Statement. Fill in each blank with "Increase", "Decrease", or "No Effect". (Don't leave any blank empty. I interpret empty blanks as you don't know the answer.) Transaction: At the end of the year, record an asset impairment loss of $80,000. Net Income Assets Liabilities