Brief Exercise 1-2 (Static) Financial statement elements [LO1-7) For each of the following items, identify the appropriate financial statement element: (1) Probable future sacrifices of economic benefits. (2) Probable future economic benefits owned by the company. (3) Inflows of assets from ongoing, major activities. (4) Decrease in equity from peripheral or incidental transactions. Assets Expenses Gains Liabilities Losses Revenues