For each of the following situations, indicate whether the accounting was correct or incorrect, and what was the basic accounting principle involved. Charlie Chap owns a dog kennel business. Several years ago, he bought a piece of land for $12,000 for the dogs to play on. On his most recent balance sheet, Charlie showed the Land at $23,000, because that was what the land was worth on the balance sheet date. Correct or incorrect? What accounting principle is involved? Dr. Jonesburg has a medical practice. She has been doing well, so she bought her dream house. She did NOT include the cost of the house or the related liability in her medical practice accounting. Correct or incorrect? What accounting principle is involved? On the last day of the 2020 fiscal year, ABC Company received an order from a customer. ABC has the merchandise in stock and will send it to the customer tomorrow. ABC Company included the revenue from the sale in the 2020 income statement. Correct or incorrect? What accounting principle is involved