Question 2 (6 marks) For each transaction: i) Determine which accounting principle, if any, was violated. ii) Explain the accounting principle briefly MI) If there was a violation, show how the transaction should have been recorded by providing the appropriate entry a) The company rented parking spots to customers for $650 per year. They received $100 on the first day of the first month and then $50 on the first day on the remaining 11 months. The $100 was recorded as follows: Cash 100 Revenue 100 b) Carleton needed a small warehouse for temporary storage They paid cash of $625,000 for a building which was valued in the market at $650 000 The following entry was made Buildings - warehouse 650,000 Cash 625,000 Gain on purchase of building 25,000