lease. We are being sued for an amount equal to the balance of the lease term and for punitive damages. Later that day Luis received the memo from the lawyers that is summarized in Attachment 2. Required Assume that you have been hired as a consultant by Shelley Maze to help her and Luis Norman. She has asked you for your help on the GAAP income statements and the legal issues arising from the lease cancellation. Please write a business report using the case writing guidelines and report format guide from the Gateway website. To prepare an answer to this case you may want to review the following top ten concepts from the LDC Review material: 1. Financial Accounting e 3. Know the basic concepts underlying financial reporting {e.g. matching. consistency, eth. 2. Financial Accounting # 4. Know how to record and read a simple business transaction. 3. Financial Accounting all :4. Understand the timing of revenue and expense recognition. 4. Business Law at 5. Understand the duty to mitigate damages. 5. Business Law # 9. Understand the differences between compensatory and punitive damages