Question 24 4 pts Gamecock Corp. purchased a fixed asset and signed a zero interest bearing note payable. The fixed asset should usually be recorded at: the present value of the Note Payable the fair market value of the asset the principal (face) amount of the Note Payable the discount amount on the Note Payable Question 25 4 pts Which of the following are essential characteristics of a liability? All of the items listed are essential characteristics of a liability Represents a probable future sacrifice of economic benefits (assets or services) Arises from a present obligation to others Results from a past transaction or event