Presented below are a number of accounting procedures and practices at Link Software Inc. For each of these items, list the assumption, principle, quality, or modifying convention that is violated. 1. Link Software decides to establish a large loss and related liability this year because of the possibility that it may lose a pending patent infringement lawsuit. The possibility of loss is considered remote by its attorneys. 2. The president of Link Software. believes it is unnecessary to report financial information on a yearly basis. Instead, the president believes that financial information should be disclosed only when significant new information is available related to the company's operations. 3. An officer of Link Software leased a new car for personal use with company money, charging travel expense. 4. A machine, that cost $150,000, is reported at its current market value of $155,000. 5. Link Software's income is high this year, a switch from straight-line depreciation to accelerated depreciation is made this year.