Part 1: Read paragraph OB11 of Statement of Financial Accounting Concepts No. 8, Conceptual Framework for Financial Reporting Chapter 1 The Objective of General Purpose Financial Reporting, and Chapter 3. Qualitative Characteristics of Useful Financial Information. What does FASB say about the degree to which the balance sheet is made up of estimates, as opposed to exact depictions of the underlying economic position of the entity? Part 2: The disclosures related to critical accounting estimates and judgments were previously seen in Exhibit 3.2 for Telefonaktiebolaget LM Ericsson (Ericsson). The balance sheets are presented below and on the following page. Focusing on Ericsson's assets, do you agree with the FASB's assessment about the degree to which the balance sheet is made up of estimates? Explain your answer. Part 1: Read paragraph OB11 of Statement of Financial Accounting Concepts No. 8, Conceptual Framework for Financial Reporting Chapter 1 The Objective of General Purpose Financial Reporting, and Chapter 3. Qualitative Characteristics of Useful Financial Information. What does FASB say about the degree to which the balance sheet is made up of estimates, as opposed to exact depictions of the underlying economic position of the entity? Part 2: The disclosures related to critical accounting estimates and judgments were previously seen in Exhibit 3.2 for Telefonaktiebolaget LM Ericsson (Ericsson). The balance sheets are presented below and on the following page. Focusing on Ericsson's assets, do you agree with the FASB's assessment about the degree to which the balance sheet is made up of estimates? Explain your