Presented below are a number of accounting procedures and practices in Ram Corp. For each of the following independent situation, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, pervasive constraint, accounting principle or qualitative characteristics of accounting information that is applied (if you agree) or violated (if you disagree) (1.5 marks each). a) Ram Corp made an adjusting entry that increases both interest expense and interest payable. b) Ram Corp provides financial reports only when it introduces a new product? c) Ram Corp uses the lower of cost or market for valuation of its inventory. d) Ram Corp does not adjust amounts in its financial statements for the effects of inflation. e) Ram Corp, which have been enjoying good financial health, reports current and non-current classifications in its statement of financial position. 1) Ram Corp reports information about pending lawsuits in the notes to its financial statements. 2) Ram Corp reports land on its statement of financial position at the amount paid to acquire it, even though the estimated fair value is greater. h) Smith is the sole owner of Ram Corp. Ram Corp recently paid a $150 utility bill for Smith's personal residence and recorded a $150 expense