After conducting an audit of the accounts of Parramatta Ltd, you discover that the following transactions and events were recorded during the current year. Parramatta Ltd uses the historical cost system.

1: The company borrowed $600 000 from a bank at an interest rate of 10% to construct a new warehouse. At the completion of construction, the loan was repaid and the following entry was made:

Bank Loan 600 000

Warehouse 60 000

Cash at Bank 660 000

2: A patent with a cost of $160 000 was being amortised over its useful life of 8 years. The amortisation entry made at the end of the current year was:

Retained Earnings 20 000

Patents 20 000

3: A speed-control device was installed on each of the company's 8 delivery trucks at a cost of $300 each plus GST. The transaction was recorded as follows:

Maintenance Expense 2400

Cash at Bank 2400

4: At the beginning of the current year, a new vehicle was purchased for $36 000. The vehicle had an estimated useful life of 4 years. Depreciation expense for the year was recorded as follows in order to avoid reporting a loss:

Depreciation Expense 2000

Accumulated Depreciation - Vehicle 2000

For each item, determine which accounting concept(s) (if any) is violated, and explain why, also Indicate the correct treatment