Question: Exercise 1-11 (Static) Basic assumptions and principles [LO1-8, 1-9] Identify the accounting concept that was violated in each of the following situations. 1. Pastel Paint

Exercise 1-11 (Static) Basic assumptions and principles [LO1-8, 1-9] Identify the

Exercise 1-11 (Static) Basic assumptions and principles [LO1-8, 1-9] Identify the accounting concept that was violated in each of the following situations. 1. Pastel Paint Company purchased land two years ago for a price of $250,000. Because the value of the land has appreciated to $400,000, the company has valued the land at $400,000 in its most recent balance sheet. 2. Atwell Corporation has not prepared financial statements for external users for over three years. 3. The Klingon Company sells farm machinery. Revenue from a large order of machinery from a new buyer was recorded the day the order was Fxnense recoanition: materialitv received

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