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Basic assumptions and principles Identify the accounting concept that was violated in each of the following situations. Pastel Paint Company purchased land two years ago at a price of $250,000. Because the value of the assumptions and land has appreciated to $400,000, the company has valued the land at $400,000 in its most recent balance sheet. Atwell Corporation has not prepared financial statements for external users for over three years. The Klingon Company sells farm machinery. Revenue from a large order of machinery from a new buyer was recorded the day the order was received. Don Smith is the sole owner of a company called Hardware City. The company recently paid a $150 utility bill for Smith's personal residence and recorded a $150 expense. Golden Book Company purchased a large printing machine for$1,000,000 (a material amount) and recorded the purchase as an expense. Ace Appliance Company is involved in a major lawsuit involving injuries sustained by some of its employees in the manufacturing plant. The company is being sued for$2,000,000, a material amount, and is not insured. The suit was not disclosed in the most recent financial statements because no settlement had been reached