Shop $4$ D Best Mart is a medium size family store that specializes in trading basic food items and household utensils. It is owned and operated by Lilly Port and her husband. The financial year for Shop $4$ D Best Mart starts on January $1$ and ends December $37$ each year. The business has been operating for the past $4$ years. However, the owners do not have any accounting knowledge but have been doing a great job managing the business. The following situations were brought up in a conversation you had with the owner: i$.$ The business is being operated from a shop space rented on the Providence Mall in St$.$ Andrew. The annual amount for rent is $$1,440,000.$ However, the owners pay the rent each quarter, and the last quarter's rent that is due on December $31$ is not usually paid until mid$-$January. Lilly is not really sure how to treat this on her final accounts ii$.$ Shop $4$ D Best Mart has several fixed assets and the owners have been using the straight$-$line method since inception. However, they were told by a friend that the reducing balance method is better and they can switch to that method right away to reap the benefits. iii. The business has also been giving credits to a number of persons but since the recently they have had to write off numerous debts as bad. iv$.$ The Ports have also been paying the mortgage on their home from the business bank account. You are required to: a$.$ Advise the owners on how to deal with each of the scenarios outlined above and explain the accounting principle$/$concept involved.