Pkease answer problem #8, SHOWING ALL WORK IN ALL SECTIONS ACCORDINGLY. Thank you!

Lopez Co. had three major business transactions during 2022. In each situation, identify the assumption or principle that has been violated. (a) Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000. (b) Historical Cost Principle Economic Entity Assumption Periodicity Assumption The president of Lopez Co., Victor Lopez, purchased a truck for personal use and chargec (c) Lopez Co. wanted to make its 2022 income look better, so it added 2 more weeks to its in period (a 54-week year). Previous years were 52 weeks