Jeremy Hutchins is the proprietor of a property management company near the campus of a local university. The business has cash of $75,000 and furniture that cost $28,000 and has a market value of $34,000. Debts include accounts payable of $21,000. Hutchins's personal home is valued at $810,000, and his personal bank account contains $19,000. Required b. Hutchins records furniture at its cost of $28,000, not the market value of $34,000: Cost principle of measurement c. Hutchins does not make adjustments for inflation: Stable monetary unit assumption d. Hutchins missed recording a $2.60 cup of coffee on her financial statements. He does not ask her accountant to redo the financial statements because that would cost him an extra $410: Cost-benefit constraint Requirement 2. How much is the owner's equity of the property management company? Jeremy Hutchins has $ of equity in the property management company