According to other courthouse records and a loan application obtained via subpoena from Baxters Boats and Jet Skis, the suspect owns a ski boat that was purchased in 2016 for $52,500. The boat loan was not listed on the credit card application noted above, but Baxters records helped estimate the December 31, 2017, loan at about $21,000, with payments to principal of about $200 per month plus interest.

Would the fact that it was purchased be considered an asset and the loan be considered a liability?