4. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality G. Consistency C. Going Concern H. Full Disclosure D. Revenue Recognition 1. Transaction Approach E. Business Entity J. Historical Cost Insert the applicable letter below Land is purchased for $760,000. The current value of the land is $625,000. Which concept is applied to record the correct amount? ii. Wall Street Journal: subscription fees collected in advance are recorded as unearned subscription income and later recognized when earned. All significant relevant information is reported. iv. Discount retailer Target Corporation routinely sends emails announcing sales for preferred customers. No economic impact occurs; therefore, no transaction is recorded. v. vi. Online retailer Amazon, Inc. is financially sound and will continue in business indefinitely. Costs incurred to provide a service or produce a product must be reported in the same period the revenue is recognized. vii. The company uses the same accounting principle from period to period. viii. Financial statements are prepared periodically. _3. The following data relate to Shelley Company for the year ended December 31, 2019. The company uses the accrual basis method of accounting. (Show work for partial credit) Sales on credit Cost of inventory sold on credit Collections from customers Purchase of inventory on credit Payment for purchases Selling expenses (accrual basis) Payment for selling expenses $750,000 528,000 675,000 322,000 275,000 50,000 45,000 Compute net income using accrual basis and select response below: a. $205,000 b. $172,000 c. $355,000 d. $527,000 Compute net income using cash basis and insert here