For each situation provided below, which financial statement element is being described? (10 marks) \begin{tabular}{|l|l|} \hline Element & Situation \\ \hline & A present obligation of the entity to transfer an economic resource as a result of past events. \\ \hline & Apresenteconomicresourcecontrolledbytheentityasaresultofpastevents.Aneconomicresourceisarightthathasthepotentialtoproduceeconomicbenefits. \\ \hline & Decreasesinassetsorincreasesinliabilitiesthatresultindecreasesinequity,otherthanthoserelatingtodistributionstoequityparticipants. \\ \hline & \begin{tabular}{l} The residual interest in the assets of an entity after deducting all its liabilities. \\ increases in assets or decreases in liabilities that result in increases in equity, other than those relating to \\ \hline \end{tabular} \\ \hline \end{tabular}