Question 2 (6 marks) For each transaction: Determine which accounting principle, if any, was violated. Explain the accounting principle briefly. If there was a violation, show how the transaction should have been recorded by providing the appropriate entry. a) The company sold a gym membership to customers for $1,300 per year. They received $100 on the first day of the first month and then $100 on the first day on the remaining 11 months. The $100 was recorded as follows: Cash 100 Revenue 100 I b) Carleton needed a small building to house their accounting staff. They paid cash of $450,000 for a building which was valued in the market at $475,000. The following entry was made: 475,000 Buildings - office Cash Gain on purchase of office 450,000 25,000