In December 2021, Kojak Insurance Co. received $500,000 in premiums for a two year property Insurance policy. The company recorded the transaction by debiting cash and crediting insurance premium revenue for the full amount. An Internal audit conducted in early 2022 flagged this transaction. The appropriate accounting treatment is that: koja is required to adjust a change in accounting estimate prospects Kojak needs to correct an accounting error o ooo Kojak is not requred to make any accounting adjustments C ) Kojakhas made a change in accounting principle, requiring retrospective adjustment