Gregory Charles owns two different businesses a roof repair firm and a painting company. During the current year, the roofing business made a net income of $75,000 while the painting company lost $50,000. In order to show himself in a less profitable way, Gregory combined the two businesses under a single name Roof n Paint Company. He then reported to all interested parties a $25,000 net income for the year. Each company has a uniquely issued IRS Employer Identification Number. Write a statement indicating which accounting principle Gregory is violating. Explain why his method of reporting violates this principle. Paradigm Publishing, Inc. 5^th Edition College Accounting, Robert L Dansby, Burton S Kaliski, Michael D Lawrence.