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Question: 1. Harjit Dhaliwal is the founder of Blue Company. He recently bought a laptop for personal use with a cost of $1,800. The laptop was paid for using company funds. The computer account was debited for the purchase. 2. Purple Company has been in operation for four years and has never issued financial statements. 3. Yellow Company reports all of its assets and liabilities, including those which are long-term in nature, as current. The company does not expect to be liquidated in the near future. 4. Green Company recently released its financial statements. Despite having a significant inventory balance, Green Company did not report any information about how the cost of inventory was calculated (eg. FIFO or weighted average cost). 5. The CEO of Pink Company, a car dealership, has decided to provide detailed background information about each vehicle on hand at year end in the financial statements, including make, model, and year, even though this information is not useful to users of the financial statements. 6. At year end, Orange Company, has equipment on hand that cost $500,000. Orange reports it on its balance sheet at $525,000 because the accounting manager believes that is the equipment's fair value. 7. Red Company reports inventory on its balance sheet at its current net realizable value of $70,000. The inventory had an original cost of $75,000. 8. Violet Company amortizes its patents of their legal life of 20 years, instead of their useful life of about five years. 9. Indigo ompany recognizes revenue during the production cycle of its goods. The price of the product and the quantity of goods that will eventually be sold is uncertain at the time ofrecognition Orange reports it on its balance sheet at $525,000 because the accounting manager believes that is the equipment's fair value. 7. Red Company reports inventory on its balance sheet at its current net realizable value of $70,000. The inventory had an original cost of $75,000. 8. Violet Company amortizes its patents of their legal life of 20 years, instead of their useful life of about five years. 9. Indigo Company recognizes revenue during the production cycle of its goods. The price of the product and the quantity of goods that will eventually be sold is uncertain at the time of recognition. Instructions: For each of the situations presented above, indicate which concept from the conceptual framework has been violated and explain why a violation has occurred. If no violation has occurred, indicate 'no violation and explain why no violation has occurred. Explain WHY for each of your answers for full marks. 1 , iii go ? 32 * 0