$/10$

Four independent situations follow:

$($a$)$

For each of the below situations, determine if the accounting treatment of the situation is correct or incorrect.

Human Solutions Incorporated believes its people are its most significant asset. It estimates and records their value on its balance sheet.

Sharon Barton, president and owner of Barton Industries, has instructed the accountant to report the company's land and buildings at its current value of $$500,000$ instead of its cost of $$350,000.$ "Reporting the land and buildings at $$500,000$ will make it easier to get a loan from the bank next month," Sharon states.

Will Viceira, owner of the Music To You Company, bought an electric guitar for his personal use. He paid for the guitar with company funds and increased the Equipment account.

West Spirit Oil Corp. is a very small oil and gas company that is listed on the Toronto Stock Exchange. The president asked each of the shareholders to approve using ASPE instead of IFRS to reduce expenses for accounting services. He received unanimous approval and has advised the company accountant to prepare the $2024$ financial statements accordingly.