E. Identification (5 points): In the following scenario identify which GAAP Principle is being violated to: A. Matching Principle B. Revenue Recognition C. Timeliness D. No GAAP Principle are violated. 1. 1 Belgium Bakery prepares financial statements only upon request by the owner. 2. Revenues of Mineral Water Delivery Company are recognized when cash payments are received. 3. AXP Remittance Company prepared its first set of financial statement for the thre years ended December 31, 2020 as they are now being audited by the CRA. 4. A one year insurance policy was bought by Muscle Beach Tailors on December 31, 2020 for $3,000. The whole amount was charged to Insurance Expense on that day. 5. Perrier Cutters purchased an equipment on January 1, 2020. The company recorded a year depreciation on December 31, 2020 as part of its adjusting entries