Seved Identify the accounting concept that was violated in each of the following situations. 11 0.76 points eBook References Pastel Paint Company purchased land two years ago at a price of $250,000. Because the value of the land has appreciated to $400,000, the company has valued the land at $400,000 in its most recent balance sheet Alwel Corporation has not prepared financial statements for extemal users for over three years 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 Don Smith is the sole owner of a company called Hardware City. The company recently paid a $150 utility bill for Smith's personal residence and recorded a $150 expense. Golden Book Company purchased a large printing machine for 5. 51.000.000 (a material amount) and recorded the purchase as an expense Ace Appliance Company is involved in a major lawsuit involving injuries sustained by some of its employees in the manufacturing plant. The company is being sued for $2,000,000, a material amount, and is not insured. The suit was not disclosed in the most recent financial statements because no settlement had been reached ted in each of the following situations. ars ago at a and has alued the land at statements for . Revenue from a was recorded the called Hardware Glity bill for Smith's expense printing machine for rded the purchase as Expense recognition; materiality Revenue recognition The economic entity assumption The full disclosure principle major lawsuit ts employees in the sing sued for lot insured. The suit ancial statements Ied. ach of the following situations. a and at nts for from a ded the Revenue recognition The economic entity assumption The full disclosure principle The historical cost (original transaction value) principle rdware Smith's nachine for urchase as The periodicity assumption suit ses in the lor 1. The suit tements