Mr.Paul, a bank lending officer, is studying the financial statements of Vault, aproprietorship selling dry fruits. Explain whether Vault's financial statements violate, or potentially violate, any accounting principles or assumptions. She notes the following in her review: (a) Rent expense includes rent for the proprietor's home. (b) The company has moved from credit to cash-on-delivery terms with suppliers. (c) The cost of land was recorded as 100,000, its estimated market value, rather than its purchase price of 60,000 two years ago. (d) A measuring balance costing 10,000 was expensed immediately, though it is expected to be used for five years. (e) The value of a new manager was recorded as 500,000 based on the advice of the head-hunter. [Marks: 1.5*5=7.5]