1. Below is the balance sheet of Microsoft in 2020. Please identify two real assets or items on the balance sheet that might contain real assets AND two financial assets or items which can be traded as financial assets from the balance sheet below. For each of the financial assets you identified, please indicate: a) the financial institutions that could possibly be involved in the issuance of the financial asset; b) which market the financial asset could possibly be traded at, and c) in what way(s) the financial assets you identified are different from each other. (20 points)

Balance Sheet (in millions)
ASSETS		LIABILITIES AND STOCKHOLDERS EQUITY
Current assets:		Current liabilities:
Cash and cash equivalents	$ 14,224	Accounts payable	$ 15,163
Short-term investments	116,110	Current portion of long-term debt	8,702
Receivables, net	38,043	Accrued compensation	10,057
Merchandise inventories	2,636	Short-term income taxes	2,174
Other current assets	13,393	Short-term unearned revenue	41,525
		Other current liabilities	11,666
Total current assets	184,406	Total current liabilities	88,657
Property and equipment, net	59,715
Operating lease right-of-use assets	11,088	Long-term debt, net	50,074
Equity Investments	5,984	Long-term income taxes	27,190
Goodwill	49,711	Long-term unearned revenue	2,616
Intangible assets, net	7,800	Deferred income taxes	198
Other long-term assets	15,075	Operating lease liabilities	9,629
Total assets	333,779	Other long-term liabilities	13,427
		Total liabilities	191,791
		Commitments and contingencies (Note 13)
		Stockholders equity:
		Common stocks and paid-in capital	83,111
		Accumulated other comprehensive loss	1,822
		Retained earnings	57,055
		Total stockholders' equity	141,988
		Total liabilities and stockholders equity	333,779