Please answer the question below and be as specific as possible.

12. During 2020, the Hardy Co. purchased land for $25 million. At the end of 2020, a similar tract of land in the area sold for $60 million. The Hardy company reported its land on the 2020 balance sheet at $25 million. What assumption/measurement or principle is illustrated in this example? 13. The Little Co. has a 12/31 fiscal year end and will file its 2020 annual report (10-K) with the SEC on 1/28/2021. On January 10, 2021, a flood in Little's factory resulted in material losses. The Little Co. did not include any mention of the losses from the flood in its 2020 annual report. Do you agree or disagree with this reporting? Explain your answer. Be specific