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The owner of Westhampton Fish Eatery purchased a new car for his daughter who is away at college at a cost of $26,000 and

The owner of Westhampton Fish Eatery purchased a new car for his daughter who is away at college at a cost of $26,000 and reported this amount as Delivery Vehicle in the restaurant's balance sheet. The reporting of this item in this manner violated the: Going-concern assumption. Historical cost principle. Expense recognition principle. Business entity assumption.

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