For the following situations, please identify one quality, assumption, principle, or constraint that was violated. 1. The balance sheet of Lee Corporation includes the Notes Payable for the loan the company president took out to purchase his new house. 2. Although you company has been in business for 20 years, your last set of financial statements reflected only the results for 2019. 3. When your company acquired six pieces of equipment and paid for them with 100 shares of common stock, you recorded the Equipment account for 100. 4. The Company income statement shows the following: Sales $10,000,000 Costs 9,000,000 Net Income $1,000,000 5. You bought land for $75,000 but now report the land on your balance sheet at its recently appraised value of $300,000. 6. Your company does a significant amount of business with your brother's company and provides a 20% discount on all items you sell to his company. Which of the elements of financial statements include the following phrases? (List ALL that apply) For the following situations, please identify one quality, assumption, principle, or constraint that was violated. 1. The balance sheet of Lee Corporation includes the Notes Payable for the loan the company president took out to purchase his new house. 2. Although you company has been in business for 20 years, your last set of financial statements reflected only the results for 2019. 3. When your company acquired six pieces of equipment and paid for them with 100 shares of common stock, you recorded the Equipment account for 100. 4. The Company income statement shows the following: Sales $10,000,000 Costs 9,000,000 Net Income $1,000,000 5. You bought land for $75,000 but now report the land on your balance sheet at its recently appraised value of $300,000. 6. Your company does a significant amount of business with your brother's company and provides a 20% discount on all items you sell to his company. Which of the elements of financial statements include the following phrases? (List ALL that apply)