Construct three appropriate footnotes for the balance sheet and income statement

Construct three appropriate footnotes for the balance sheet and income statement, including footnotes for inventory and fixed assets. Discuss the following as a Learning Team: •Why are footnotes useful? •Why are footnotes important to the financial statements?

•What additional financial information can be provided in the footnotes? •What is your experience in creating footnotes? Write a summary of no more than 500 words of the Learning Team discussion. Submit the footnotes and Learning Team discussion summary.