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1. The balance sheet consists of assets and liabilities andequity. With a focus on liabilities, discuss the connectedness ofthese three components.2. Discuss the components needed to determine the present valueof a noncurrent liability.3. Discuss the relationship between the income statement and theshareholders' equity section of the balance sheet.4. Discuss the purpose of other comprehensive income andaccumulated other comprehensive income.5. Compare and contrast book value per share and marketcapitalization.6. Evaluate the expected profitability and growth of a companywith a price-tobook ratio of 1.4.7. Which would you expect to find more useful financialstatements for evaluating management performance: financialstatements based on fair value or historic cost? Why?