Question 2 (6 marks) For each of the reporting situations described below, specify the concept from the conceptual framework that has been violated or complied with. Provide a brief explanation for each situation. 1. Vulture Ltd. intentionally recorded revenue in 2020 for sales made in 2021 to ensure that management would receive their bonuses, which were based on profits. 2. Kevin Corp. reports inventory on its balance sheet at its current market value of $75,000. The inventory had an original cost of $85,000. 3. Doug Judy, president of the Bandit Corp, acquired a car for his personal use. He paid for the car with company money and debited the equipment account in the company's books. 4. Wuntch Corp recognizes revenue when goods are produced, because there is ample demand for its products. 5. Hitchcock Company amortizes patents over their legal life of 20 years instead of their economic life, which is usually about five years. 6. Scully Company is in its third year of operations and has not yet issued financial statements