Selected independent transactions listed below were recorded during the current your, Required: 1. For ench transaction, determine which accounting principle, if any, was violatod. Stato the principle and explain briefly tho violation (if any). 2. If there was a violation, show how the transaction should bave boon recorded (provido the journal entry) 3. If there was no violation and the correct entry was recorded, briefly explain your rationale for that and state that the correct ontry was recorded. *You may not use faithful representation or relovanco as your accounting principle in any of your responses. Transaction a) On October 29th, the company collected $45,000 cash in advance for merchandiso to be available and shipped on November 2nd. This transaction was recorded on October 29th as follows: Cash 45,000 Unearned Revenuo 45,000 b) A company needed a structure for temporary storage. They were quoted a price of I $90,000 by a contractor. The company decided to build the structure and the cost of construction was $85,000. The following entry was made: Buildings 90,000 Cash 85,000 Gain on self-construction 5,000 c) A golf equipment store purchased too much inventory in 2019 and has determined as they get ready to close for the season that their inventory is overstated by about $20,000. They don't anticipate being able to sell this inventory. They recorded the entry as follows: Inventory 20,000 Provision for obsolete inventory 20,000