dentify the impact(s) of the following event on the accounting equation from the named company's point of view by checking all applicable responses for the transaction (mark at least 2 responses for each transaction, unless the correct response is "No entry"):

Event: King Builders, which uses the percentage-of-completion method, records construction labor and materials costs incurred on account for a multi-year project

Assets UPAssets UP Assets DOWNAssets DOWN Liabilities UPLiabilities UP Liabilities DOWNLiabilities DOWN Equity UPEquity UP Equity DOWNEquity DOWN No entry