Illustrate what action is required if error is not discovere

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Reference no: EM13124292

L Company discovered that a three-year insurance premium payment of $240,000 one year ago was debited to insurance expense.

Required:

1. What action is required? Ignore taxes.

2. What action is required if the error is not discovered until 4 years after it occurred?

Reference no: EM13124292

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