Michael McNamee is the proprietor of a property management? company, Apartment? Exchange, near… 1 answer below »

Michael McNamee is the proprietor of a property management? company, Apartment? Exchange, near the campus of Penscola State College. The business has cash of?$8,000 and furniture that cost? $9,000 and has a market value of? $13,000. The business debts include accounts payable of? $6,000. Michael's personal home is valued at? $400,000, and his personal bank account has a balance of? $1,200. Identify the principle or assumption that best matches the? situation:a.?Michael's personal assets are not recorded on the Apartment? Exchange's balance sheet.b.The Apartment Exchange records furniture at its cost of? $9,000, not its market value of? $13,000.c.The Apartment Exchange records its financial statements in U.S. dollars.d.Michael expects the Apartment Exchange to remain in operations for the foreseeable future