SOLUTION ------ Error: unable to resolve '/assets/Penguins.jpg' for transcoding

While getting started with Flex 4 along with ANT build,  I got this error when I used @Embed with the image tag. To get rid of this error, either of these two things can be done.

1.  Do not use @Embed, try using the path of the image in the source parameter without the forward slash in the beginning.
2. Create a library file(swc),  add it in your class path and use the path of the image in the source parameter without the forward slash in the beginning.