The Reynolds Company estimated that the value of its land had increased from P10,000 to P16,000 and therefore wrote up the land account to P16,000. Which accounting concept(s) was (were) violated? cost concept O objectivity concept unit of measure concept cost and objectivity concepts Question 6 1 pts John Williams owns and operates Indoor Advertising Company. Recently, John withdrew P18,000 from Indoor Advertising, and he contributed P10,000, in his name, to the Red Cross. The contribution of the P10,000 should be recorded on the accounting records of which of the following entities? Indoor Advertising and the Red Cross John William's personal records and the Red Cross John William's personal records and Indoor Advertising John William's personal records, Indoor Advertising, and the Red Cross Aztec Company is selling a piece of land adjacent to their business. An appraisal reported the market value of the land to be P100,000. The Majestic Company initially offered to buy the land for P87,000. The companies settled on a purchase price of P95,000. On the same day, another piece of land on the same block sold for P102,000. Under the cost concept, what is the amount that will be used to record this transaction in the accounting records? O P100,000 OP87,000 OP102,000 OP95,000