Question 2 [20 marks] Billy Jean is a manager of a major insurance regional company. As regional manager his compensation package comprises of a base salary, commissions and a bonus when the region sells policies in excess of its quota. Billy Jean has been under enormous financial pressure stemming largely from two factors. First, he is experiencing a mounting personal debt due to a family member's illness. Second, compounding his worries, the region's sales of new policies have dropped below the normal quota for the first time in years You have been working for Billy Jean for two years and like everyone you are happy to work under such a supportive boss You are very sympathetic to his personal circumstances. In your position as accountant, for the regional office you are only too aware of the drop in new policy sales and the impact this will have on the managers bonus. While you are working late at year end, Billy Jean stops by your office She asks you to change the manner in which you have accounted for a new property insurance policy for a large local business. A substantial cheque came in the mail on December 31 the last day of the reporting year. The period covers the period beginning on January 5. You deposited the cheque correctly, debited the cash account and credited unearned revenue account Billy Jean says: "Hey we have the money this year why don't we count the revenue this year? I never understood why you accountants are so picky about these things anyway. I want to change the way you have recorded the transaction, want you to credit the revenue account. Another thing is that I have done favors for you in the past and I am asking for a small thing in return." With that he left for the day Required: 1. How should you handle the situation? 2. What are the ethical implications of Billy Jean's request? (5) 3. Who are the parties that would be helped or harmed if you complied with the request? (5) 4. If you fail to comply with the request, how will you explain your position to him in the morning