The following issues were discovered by the audit team while performing the audit of Matador Corporation. Consider each issue independently.

1. Management depreciated equipment over 10 years when the true useful life of the equipment was only 5 years.

2. Revenue was not recorded for three valid sales transactions.

3. In a multi-step income statement, cost of goods sold was erroneously included in the selling and administrative expenses line item.

4. After counting inventory in the warehouse, the audit team believes some inventory is obsolete. However, Matador does not believe its inventory is obsolete.

For each of the four audit issues above, identify the assertion that best pertains to that issue.