identify the concepts or principles violated. Fun Furniture Pty Ltd had a number of major business transactions and events during 2023. An extract is provided below. LO1 (a) Merchandise inventory with a cost of $68 000 is reported at its net realisable value of $100 000 in the statement of financial position. (b) The owner of Fun Furniture Pty Ltd, Erica Couchman, used company funds to purchase a computer for personal use for $2500. She recorded it as a decrease in Cash and an increase in Office Equipment. (c) The manager of Fun Furniture Pty Ltd wanted to make its 2023 profit look better, so she added in furniture sales that occurred on the first two days of 2024. (d) The manager of Fun Furniture Pty Ltd wanted to make its 2023 profit look even better, so she did not record an interest payment of $15 000 incurred but not due to be paid until 1 January 2024. (e) Fun Furniture Pty Ltd is currently being sued by a customer as she was injured when one of the company's bar stools collapsed while she was eating breakfast. It is expected that the company will have to pay damages; however, the amount is currently uncertain and so the accountant has decided not to include it anywhere in the financial statements. Required For each situation: (a) Identify if any concept or principle has been violated. (b) Discuss what should have been done and provide evidence for your answer. (c) Record the correct journal entries and discuss the correct accounting treatment for each of the transactions or events as appropriate.