Continued) (d) Originally, the insurance expense was mistakenly omitted and thus the expenses were greatly understated and the income was much higher than the current number. The error was identified and corrected using an correcting entry by the accountant. However, when the president of Reed Company prefers the original income and requires the accountant to remove adjusting for insurance.(i) Who are the stakeholders in this situation? (2 marks) (ii) Which accounting principles might be violated in this situation? Explain the effects financial statements of the requirement by the president. (3 marks)