ut of P Flag uestion Auditor Sam Alex was auditing the accounting statements of Johnson & Johnson company. He had following observations. Johnson & Johnson company company had an office building, which they purchased in year 2000. Recognizing that the values of land have been increasing in the recent Response: - years. Peter&Peter Co increased the balance sheet amount of land from $50,000 to & 70,000. Explain the accounting concept or convention which is applicable in this context and also comment whether this treatment is a violation or not. A B