Berkshire Hathaway acquired Preferred Stock issued by Bank of America (BAC), and detachable warrants to purchase 700 million shares of common stock of BAC The combined cost for Berkshire was $5.0 billion. Of the $5.0 billion in cash proceeds. $2.9 billion was allocated to preferred stock and $2.1 billion to warrants on a relative fair value basis. (1) What is the effect on the financial statements of BAC at issuance? Total assets Select) Total liabilities: Select] Total equity: [Select) Vet income: Select (2) What is the effect on the financial statements of Berkshire at issuance? Total assets: [Select] Total liabilities: [ Select]