a) Steve's Golf Supplies reports $35,000 sales revenue for the current year, $10,000 of which was from credit salejs and still outstanding at the end of the year. During the year, operating expenses of $12,000 were incurred. Of these expenses, $9,000 were paid in cash and the remainder will be paid next year. In addition, the business prepaid advertising expenses for next year of $6,000. Required: Calculate the profit or loss earnt by the business for the current year using the cash basis of accounting (4 marks) b) Damian Mags has owned and operated a small engineering business for the last 5 years. He recently bought new machinery and due to his exceptional negotiation skills, he paid $20,500 for the machinery which had a sales price of $23,000. Damian decided to record the purchase of the machinery in his business's accounts at the sales price of $23,000 not the amount he paid for it. State which accounting principle is violated in this case and explain why the principle is violated (2 marks)