A balance sheet provides a snapshot of a client's assets, liabilities, and net worth, as of a stated date; therefore, liabilities must be recorded at their current outstanding balance as of the stated date, in order to have an accurate snapshot. The estimated value of a real estate asset in a financial statement should be based upon the: The value that a well-informed buyer is willing to accept from a well-informed seller where neither is compelled to buy or sell. The question is what values should be used in preparation of a personal financial statement. The answer is fair market value {FMV} and option d is the definition of