Michael's personal assets are not recorded on the company's balance sheet: ▼ b. The company records furniture at its cost of $9,000, not its market value of $13,000: ▼ the cost principle. the economic entity assumption. the faithful representation principle. the going concern assumption. the monetary unit assumption. c. The company records its financial statements in U. S. dollars: ▼ the cost principle. the economic entity assumption. the faithful representation principle. the going concern assumption. the monetary unit assumption. d. Michael expects the company to remain in operations for the foreseeable future