4 of 8. The determination of whether an S corporation is required to file Schedules L and M-1 is based on the corporation's gross receipts and total year-end asset value. Which of the following is a correct statement of when these schedules are NOT required? The corporation had receipts of less than $250,000, and the year-end assets value was less than $250,000. The corporation had receipts of more than $250,000, and the year-end assets value was less than $250,000. The corporation had receipts of less than $250,000, and the year-end assets value was more than $250,000. The corporation had receipts of more than $250,000, and the year-end assets value was more than $250,000