For each of the following cases, respond to the question asked and indicate the accounting principle or concept that applies. 1. Patterson Company purchased many small tools during 20X1 at a total cost of $3,000. Some tools were expected to last for a few weeks, some for several months, and some for several years. Patterson's income for 20X1 will be about $1.75 million. How should Patterson account for the small tools in order to be theoretically correct? As a practical matter, how should Patterson account for these tools? Why? 2. Selena Cantu is the sole proprietor of The In and Out Mini Market. Cantu's accountant insists that she keep a detailed record of money and merchandise that she takes out of the business for personal use. Why? 3. At the end of each fiscal period, the accountant for New Zealand Company requires that a careful inventory be made of the office supplies and that the amount on hand be reported as an asset and the amount used during the period be reported as an expense. Why