a) Abigail Inc is a sporting business, in which the owner, Abigail James sells sporting tickets, as well as sport team paraphernalia, such as decals (that go on windows, electronics, cars, etc.), as well as many iron / on items that can be transferred onto clothing. Isaac Auto, is a car dealership located in Peterborough, owned by Isaac James. Abigail and Isaac are siblings. In 2019, Isaac Auto purchased some playoff tickets from Abigail Inc. Isaac paid Abigail $20,000 (cash) for the tickets, which was considered the fair value of them at the time. The tickets cost Abigail Inc $15,000. --- ii. iii. iv. Discuss the relevant GAAP requirements for how to account for related party transactions. (3 marks) Prepare your analysis as to how Isaac Auto should record this purchase (explain how it meets the GAAP requirements) (3 marks) Prepare the journal entries that indicate how to record this transaction. (4 marks) Using the same facts as above, except, rather than paying Abigail Inc cash, Isaac Auto exchanged one of his demo car for the tickets. The fair value of the car was $22,000, and had a cost of $17,500. Explain why this scenario is treated different from Scenario 1 above. (2 marks)