Marietta Corp. had the following reporting issues during the year: For each of the situations, identify (a) the assumption or principle involved and (b) whether it is being followed correctly or has been violated (a) Your answer is partially correct Land with a cost of $20,000 that is intended to be used by the company as a building site was reported at its current value of $260,000 The (a) fair value basis of accounting is involved in this situation historical costbush of accounting has been violated The (b)