Question: 1) What action is required when it is discovered that a five-year insurance premium payment of $50,000 two years ago was debited to insurance expense?

1) What action is required when it is discovered that a five-year insurance premium payment of $50,000 two years ago was debited to insurance expense? (ignore taxes) 2)Suppose the error described in the previous question is not discovered until six years later. What action will the discovery of this error require? Please answer the second part of the question.

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