3. How many of the following statements regarding the concepts underlying the financial statements are true? - Land owned by Eli Lilly, Inc. is included in the assets on the balance sheet at the amount of the historic cost. The Materiality Concept allows Nike, Inc. to round their financial statement amounts to the nearest $1 million. - The Separate Entity Concept requires that a new vehicle purchased by the owner of a company for personal use will not appear on the balance sheet of the company. A. None B. One c. Two D. Three