a. quagmire company recognizes revenue when the goods are delivered to a customer, even though cash will not be collected from the customer for 30 days. historical cost principle b. inventory, which was recently damaged by a flood, is reported at the lower of its cost or market value. expense recognition principle c. moseley inc. recorded land at its purchase price of $50,000. in future periods when the value of the land has increased, the land is still reflected in the financial statements at $50,000. revenue recognition principle d. the cost paid for a delivery truck is recorded as an asset and expensed over the next 5 years as it is used to help generate revenue. e. a company accepts $200 in december for services to be performed in january. the company recognizes revenue when the services are performed in january. e. mack company purchases supplies in march. however, it does not expense the supplies until they are used in april.