Identify the impact(s) of the following event on the accounting equation from the named company's point of view by checkingall applicable responsesfor the transaction (markat least2 responses for each transaction, unless the correct response is "No entry"):

Event:Ford adjusts its inventory to lower of cost or NRV when the market value of the inventory falls below its cost.

Check All That Apply

• Assets UP
• Assets DOWN
• Liabilities UP
• Liabilities DOWN
• Equity UP
• Equity DOWN
• No entry