Problem 1 For each of the following situations, (1) indicate whether you agree or disagree with the financial reporting practice employed and (2) state the accounting concept that is applied (if you agree) or violated (if you disagree). 1. Brewed Awakenings did not disclose that it was the defendant in a material lawsuit because the trial was still in progress. 2. Moody Brews files quarterly and annual financial statements with the SEC. 3. Dark Side of the Spoon paid rent on its office building for the next two years and charged the entire expenditure to rent expense. 4. Brew Ha-Ha, a coffee wholesaler, records revenue only after products have been shipped even though customers pay Brew Ha-Ha 50% of the sales price in advance