The following cases relate to the valuation of assets. Consider each case independently a. World-Wide Travel Agency has office supplies costing $1,700 on hand at the balance she date. These supplies were purchased from a supplier that does not give cash refunds. Worl if it were to advertise them for sale. However, the company expects to use these supplies and purchase more when they are gone. In its balance sheet, the supplies were presented atS Wide's management believes that the company could sell these supplies for no more than $500 500 Perez Corporation purchased land in 1955 for $20,000. In 2007, it purchased a similar parcel of land for $300,000. In its 2007 balance sheet, the company presented these two parcels of b. land at a combined amount of $320,000. c. At December 30, 2007, Lenier, Inc., purchased a computer system from a mail-order supplier for $14,000. The retail value of the system-according to the mail-order supplier-was $20,000 its December 31, 2007, bal On January 7, however, the system was stolen during a burglary. I ance sheet, Lenier showed this computer system at $14,000 and made no reference to its retail value or to the burglary. The December balance sheet was issued in February 2008. In each case, indicate the appropriate balance sheet amount of the asset under generally accepted accounting principles. If the amount assigned by the company is incorrect, briefly explain the accounting principles that have been violated. If the amount is correct, identify the accounting principles that justify this amount