Answer a b and c. Show work pls. This is the best picture I can get and it has all the words. So no need to revoke it. THANKS.

LO2-2 EXERCISE 2.4 Accounting Principles and Asset Valuation The following cases relate to the valuation of assets. Consider each case independently. . a. World-Wide Travel Agency has office supplies costing $1,400 on hand at the balance shee These supplies were purchased from a supplier that does not give cash refunds. World W management believes that the company could sell these supplies for no more than $50 3. were to advertise them for sale. However, the company expects to use these supplies an purchase more when they are gone. In its balance sheet, the supplies were presented at S50 b. Perez Corporation purchased land in 1957 for $40,000. In 2015, it purchased a similar paru land for $300,000. In its 2015 balance sheet, the company presented these two parcels oflag a combined amount of $340,000. At December 30, 2015, Felix, Inc., purchased a computer system from a mail-order plier for $14,000. The retail value of the system---according to the mail-order suppliers $20,000. On January 7, however, the system was stolen during a burglary. In its Decembe 2015, balance sheet, Felix showed this computer system at $14,000 and made no referere its retail value or to the burglary. The December balance sheet was issued in February,20 In each case, indicate the appropriate balance sheet amount of the asset under generally. accounting principles. If the ainount assigned by the company is incorrect, briefly explai accounting principles that have been violated. If the amount is correct, identify the accoma principles that justify this amount