Question #3 (10 Points): Identify the accounting concept that was violated in each of the following situations. Briefly explain the concept, principle, assumption or constraint that was violated. RCLE the land at 1. Pastel Paint Company purchased land two years ago at a price of $250,000. Because $400,000 in its most recent balance sheet. Answer: 2. Atwell Corporation has not prepared financial statements for external users for over three years. Answer: 3. The Klingon Company sells farm machinery. Revenue from a large order of machinery from a new buyer was recorded the day the order was received. Answer: 5