Given the information in the preceding balance sheet and assuming that Cute Camel Woodcraft Company has 50 million shares of common stock outstanding-read each of the following statements, then identify the selection that best interprets the information conveyed by the balance sheet. Statement #1: Cute Camel's accumulated owed financial obligations decreased from Year 1 to Year 2 This statement is r because O Notes payable actually increased from $1,062 mi on to $1,000 m on between Years and 2 1 O Accru actually increased from $0 in Year 1 to $188 million at the end of Year 2 als O The accounts payable account remained $0 for both Years 1 and 2 Statement #2 Over the past two years, Cute Camel Woodcraft Company has relied more on the use of short-term debt than on long-term debt financing. This statement is r because O Cute Camel's total current liabilities increased by $250 million, while its use of long-term debt increased by $750 million O Cute Camel's total notes payable increased by $62 million, while its common stock account increased by $1,950 million O Cute Camel's total current liabilities decreased by $250 million, while its long-term debt account decreased by $750 million Statement #3 If Cute Camel ever goes bankrupt, its common stockholders will be paid off first, then its debtholders and preferred stockholders. This statement is because O Common shareholders are treated as residual investors O Debtholders are treated as residual investors O Debtholders and preferred shareholders are considered residual investors