Identify which basic principle of accounting is best described in each item below.

a$.$ Norfolk Southern Corporation reports revenue in its income statement when the performance obligation is satisfied instead of when the cash is collected.

b$.$ Yahoo! recognizes depreciation expense for a machine over the $2-$year period during which that machine helps the company earn revenue.

c$.$ Oracle Corporation reports information about pending lawsuits in the notes to its financial statements.

Expense recognition Full disclosure

Measurement $($historical cost$)$

Revenue recognition

d$.$ Gap, Inc. reports land on its balance sheet at the amount paid to acquire it$,$ even though the estimated fair value is greater.