For the following seven situations, please identify one assumption, principle, or constraint that is being followed. 1. The financial statements should be combined for your company and the company in which you own 70% of the voting stock. 2. Your company was allowed to deviate from GAAP because your company is in a unique line of business. 3. When your company acquired six pieces of equipment, you recorded the equipment for more than six. 4. The list of 872 suppliers to which amounts are owed was not included in the financial statements. 5. Net income of your company was increased because you had satisfied the performance obligation to which you had previously agreed. 6. You bought land for $75,000 but was recently appraised at a value of $300,000. Your balance sheet still shows the land at $75,000 7. Your company purchased a $20 electric pencil sharpener. You plan to use it for 5 years, but you recorded the pencil sharpener as "Office Expense Which of the elements of financial statements include the following phrases (list ALL that apply) 8. "from peripheral or incidental transactions of an entity" 9. "residual interest in the assets of an entity after deducting its liabilities" 10. "probable future economic benefits