The market values of Spencer's long-term capital sources differ from the book values because

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The market values of Spencer's long-term capital sources differ from the book values because book values are established at the time securities are issued rather than what the same securities could be sold for if they were issued today. Market values can fluctuate based on market conditions, demand, and supply, which may not be reflected in the book values. Option A is incorrect because market values may not necessarily be easier to verify than book values. Option C is incorrect because GAAP establishes accounting standards, not market values. Option D is incorrect because only option B is true.

The Market Values of Spencer's Long-Term Capital Sources Differ from the Book