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QUESTION 2 (10 marks) For each of the following situations, state the accounting principle or concept has been applied or violated AND provide an explanation. (a) ABC company signed a 2-year rental contract with a tenant starting from 1 January 2020. Monthly rent income was $10,000. The tenant was required to pay the rent on the first day of every month. During the financial year ended December 31, 2020, the company received a total of $110,000 rent income. The bookkeeper of ABC company recorded this $110,000 as the rental revenue for the year ended December 31, 2020. (i) Accounting Principle / Concept Applied OR Violated (ii) Explanation: (b) The company bought a calculator costing $40. After taking a course in accounting, the bookkeeper thought that it would be correct to spread the cost of the calculator over its 4 years of useful life. (i) Accounting Principle / Concept Applied OR Violated (ii) Explanation