pleasee answer 1.4 and 1.5

E1.4 (LO2), C The following situations isvohe accounting principles and assamptions. 1. Tina Company owns buildings that are worth substantially more than they originally cost. Is an effort to provide mone relevant information, Tina reports the baildings at fair value in its accounting reports. 2. Fayette Company inclades in its accounting records only transaction data that ean be expressed in terns of moncy. 3. Oanar Shariff, president of Omar's Oasis, records his personal living costs as expenses of the Oasis. Instructions For each of the three situations, state if the accounting method used is correct or incorrect. If correct, identify which principle or assemption supports the methed used. If incorrect, Identify which pribciple or assumption has been violated. Classify accounts as assets, liahirites, and stoclholders' equity. K1.5 (LO.3), C Basley Cleaners has tbe following balance sheet items. Instructions Classify each item as an asset, liablify, or stockholders' equity. Analyze the effect of transactions