Current Attempt in ProgressPresented below are accounting procedures and practices at Pulicottle Corp. For each of these items, select the assumption, principle, quality, or modifying convention that is violated.1. Because the company's income is low this year, a switch from accelerated depreciation to straightline depreciation is made this year.2. The president of Pulicottle Corp. believes it is foolish to report financial information on a yearly basis. Instead, the president believes that financial information should be disclosed only when significant new information is available related to the company's operations.3. Pulicottle Corp. decides to establish a large loss and related liability this year because of the possibility that it may lose a pending patent infringement lawsuit. The possibility of loss is considered remote by its attorneys.4. An officer of Pulicottle Corp. purchased a new home computer for personal use with company money, charging miscellaneous expense.5. A machine that cost \(\$ 40,000\) is reported at its current market value of \(\$ 45,000\).