Question 1 of 5 View Policies Current Attempt in Progress Lopez Co. had three major business transactions during 2022. In each situation, identify the assumption or principle that has been violated. a. b. 0 -/20 E Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000. The president of Lopez Co., Victor Lopez, purchased a truck for personal use and increased the company's equipment account. Lopez Co. wanted to make its 2022 income look better, so it added 2 more weeks to its income statement reporting period (a 54-week year). Previous years were 52 weeks. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer