Please answer ASAP

(3 parts)

For each situation, identity whether it is treated as a prior period adjustment or change in accounting estimato. 1. The company obtained a patent and estimated its useful life to be seventeen years. Five years later, the company reassesses the patent and now estimates that it has a remaining useful life of three years 2. An assessment of expenses uncovers that the company incorrectly capitalized research and development costs three years ago This error had a material effect on financial statements 3. Upon reviewing customer contracts, the company realizes it mistakenly reported $110.000 of revenue instead of the actual amount eamed of $11,000. This mistake occurred two years ago and had a material effect on financial statements. Complete this question by entering your answers in the tabs below. Bouired 1 Required 2 Required The company obtained a patent and estimated its useful life to be seventeen years. Five years later, the company reassesses the patent and now estimates that it has a remaining useful life of three years. Required 2 > For each situation, identify whether it is treated as a prior period adjustment or change in accounting estimate 1. The company obtained a patent and estimated its useful life to be seventeen years. Five years later, the company reassesses the patent and now estimates that it has a remaining useful fe of three years 2. An assessment of expenses uncovers that the company incorrectly capitalized research and development costs three years ago This error had a material effect on financial statements 3. Upon reviewing customer contracts, the company realizes it mistakenly reported $110,000 of revenue instead of the actual amount eamed of $11,000. This mistake occurred two years ago and had a material effect on financial statements Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 An assessment of expenses uncovers that the company incorrectly capitalized research and development costs three years ago. This error had a material effect on financial statements Required Required 3 > For each situation, Identify whether it is treated as a prior period adjustment or change in accounting estimate t. The company obtained a patent and estimated its useful life to be seventeen years. Five years later, the company reassesses the potent and now estimates that it has a remaining useful life of three years 2. An assessment of expenses uncovers that the company incorrectly capitalized research and development costs three years ago This error had a material effect on financial statements. 3. Upon reviewing customer contracts, the company realizes it mistakenly reported 5110,000 of revenue instead of the actual amount eamed of $11,000. This mistake occurred two years ago and had a material effect on financial statements Complete this question by entering your answers in the tabs below. Required: Required requires Upon reviewing customer contracts, the company realizes it mistakenly reported 5110,000 of revenue instead of the actual amount eamed of 511,000. This mistake occurred two years ago and had a material effect on financial statements Required 2