John Chang has beon operating a plumbing business as a proprietorship (John Chang Plumbing). The following events took place during the month of June 2019. (Click the icon to view transactions.) Required Identify the accounting assumption, principle, or characteristic that would be applicable to each of the events, and discuss the effects it would have on the financlal statements of John Chang Plumbing June 1 The equigment should be recorded at its purchase price to John, not at its to his brother or at its replacement cost" June 3 The work should be recorded at tt as the is the only objective evidence of what the work was worth June 10 This event should not be recarded as a transaction since: was paid or received with the signing of the lease June 18 The loan be recorded by the company as it is a liability