Star Company recognized $500 of cost of goods sold Nore the Star is only recording the cost of goods sold part of the transaction and not the sales revenue Stat uses the perpetual inventory system which of the following answers reflects the effect of recognizing the cost of goods sold on the financial statements? Balance Sheet Income Statement Liabilities 0 A B. C D. Assets 500 (500) (580) (580) Stockholders' Equity 50e (see) n/a (50) Revenue n/a n/a n/a n/a Expense 500 See See n/a Net Income (500) (580) (500) n/a (580)