Part A Identify the basic concept or principle that is violated for each independent case below. a) When recording the financial transactions of Success Enterprise, the owner Boss recorded a helicopter purchased for his personal use. b) The accountant of Stay Enterprise continues to value the machinery at its historical cost less accumulated depreciation. The business faces very high risk of discontinuance due to the pandemic. c) Environment Ltd did not report a legal case filed against the company for polluting the river for $20 million. The court has already awarded the damages. (3 marks) Part B Hashim Enterprise is a trading company with a financial year end of June 30, 2020 and the accountant uses an asset account to record prepaid insurance. The account 'prepaid insurance' has a normal balance of $1,600 on June 1, 2020. A new policy with annual premium of $1,200 in total was purchased on cash on June 15, 2020. On June 30, 2020, the accountant did the calculation and the insurance expense for the month is $500. Required You are required to reconstruct the 'prepaid insurance' account for the month of June 2020