The accountant for Ellery Co., a private company reporting under ASPE, recorded the following journal entries:
1. Land with a cost of $75,000 is reported at its fair value. The following entry was made:
Land...................................................10,000
Gain on Fair Value Adjustment of Land......................10,000
2. Tickets for a musical production were sold in January and the production runs during March. The following entry was recorded in January.
Cash.....................................................5,000
Admission Revenue...............................................5,000
For each journal entry, indicate which recognition or measurement criterion has been violated. Explain.