Affiliate Marketing Secrets

1. In order to save time and reduce paperwork, Mr.X keeps only one set of records, combining his personal and business records. Accounting assumption or convention violated?
2.Because management wants to make a good impression upon the corporation’s stockholders, management has decided to list the land on the balance sheet at its current market value which is twice as much as the corporation paid for the land when it was purchased five years ago.
Accounting assumption or convention violated?
3.A lawsuit has been filed against the company seeking $50 million in damages for customer injuries. Because management is concerned that news of the lawsuit would depress the price of the company’s stock, they have decided to keep the lawsuit a secret from their stockholders.
Accounting assumption or convention violated?

Langrova Inc. has the following amounts included in its general ledger at December 31, 2010.
Organization costs $24,000
Trademarks 20,000
Discount on bonds payable 35,000
Deposits with advertising agency for ads to promote goodwill of company 10,000
Excess of cost over fair value of net identifiable assets of acquired subsidiary 75,000
Cost of equipment acquired for research and development projects; the
equipment has an alternative future use 90,000
Costs of developing a secret formula for a product that is expected to
be marketed for at least 20 years 80,000
On the basis of the information above, compute the total amount to be reported by Langrova for intangible assets on its balance sheet at December 31, 2010. Equipment has alternative future use.