Which of the following statements is correct? (1) The balance sheet shows the assets, liabilities, and stockholders' equity of a firm over a given length of time. (I) The income statement shows the revenues and expenses at a given point in time. (I) Because corporations are double-taxed, corporate taxes are an important operating expense on their income statement (IV) The statement of stockholders' equity is an accounting statement that breaks down the stockholders' equity into the amount that came from issuing new shares and debts. Select one: a. I and II only O b. ll and Ill only C. III and IV only O d. I and IV only e. None of the above Clear my choice