Using your own words, discuss whether the following independent situations below have any violations in their accounting treatments / records. In the case of a violation, suggest an appropriate accounting treatment / record for the situation. Provide supporting reasons in your answers. (8 marks)

(a)The company purchases a data base that allows them to use in their business operations for a year for a once off payment for $3,000.The company uses the data base to conduct market review that is important for the company's operation activities. The company records the full amount as an asset.

(b)The owner of the company has recorded his personal tax expenses in the entity's income statement.