The accountant for Ellery Co., a private company reporting under ASPE, recorded the following journal entries:1. A building with a cost of $75,000 is reported at its fair value. The following entry was made:

2. Tickets for a musical production were sold in January and the production runs during March. The following entry was recorded in January.

For each journal entry, indicate which recognition or measurement criterion has been violated. Explain.

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85,000 Building Cash Gain on Fair Value Adjustment of Building 10,000 Cash Admission Revenue 5,000 5,000