26) Consider the following statements: (i) Another name for equity is net assets (ii) Over the estimated life, long lived asset are reported on the balance sheet at their depreciable base. (iii) Contingent Liabilities for future natural disasters should be accrued only if it is probable that the event will occur within 3 weeks after year-end and a reasonable estimate can be derived. (iv) The creditors of a business have what is known as a residual interest meaning if the business dissolves (i.e. stops operating) what is owed to them is paid only after the owners recover their capital. How many of these statements are true?

A) 0

B) 1

C) 2

D) 3

E) 4