Liabilities O Are future economic benefits O Are existing debt and obligations Are things of value used by the business in its operation O All of the above O None of the above 4 pts Question 2 A Corporation has assets that cost $100,000. Its current market price is $250,000. For the purpose of reporting in the end of year balance sheet, the company should show its asset at $250,000 O $100,000 O $175,000 (the average) O Any one of the above (the company can choose so long as it can justify) None of the above (need more information on inflation rates) The purchase of an asset on account Increases assets and increases owner's equity Increases assets and increases liabilities O Decreases assets and increases liabilities Leaves total assets unchanged O None of the above