Classify the following items (i - vi) in the below table in accordance with the existing accounting standards and the Conceptual Framework as: 1) An asset; 2) a liability; 3) a contingent liability; 4) revenue; 5) an expense or 6) none of these elements. Required: 2 Choose the correct classification for the items below from the above classification list. Items Account classification 1. i). A provision for warranty T ii). Purchased equipment T iii). Six months of rent received in advance- from a tenant iv). Loss of inventory 1. 1 v). Employed an accountant on a $90,000 salary package, commences work next month Possible damage payable for a breach of an environment regulation 1 vi)