Correct any errors in the following paragraph, or fix any areas where the professionalism of the writing could be improved. Consider proper voice, language, and punctuation. You do not need to use the Codification to complete this exercise.

In my opinion Beta Corp's $("$their$")$ accounting is wrong because they are applying revenue recognition guidance to a lease contract, even though lease transactions are exempted from Code $606.$ Code Section $606-15-2$ says that $"$a$.$ Lease contracts within the scope of Topic $842,$ Leases" are not subject to revenue recognition guidance.

$10.$ Change the following sentences to active voice.

a$.$ The incorrect accounting applied by the company resulted in a restatement.

b$.$ A new standard was issued by the FASB that will result in changes to long$-$duration insurance contracts.

$11.$ Add commas to the following sentences, and for each sentence briefly justify why the commas were needed.

a$.$ Although Apple's sales remained stagnant in Q$2$ its stock price rose.

b$.$ Jones Company which is based in India is privately held.

c$.$ We need to audit the company's accounts receivable accounts payable and cash accounts.

d$.$ Presto will make an upfront payment and Stadium Co$.$ will use the funds toward capital improvements.

$12.$ Replace the following weak Codification references with stronger language.

a$.$ I found the following guidance in ASC $360-10-35-3,$ "Depreciation expense in financial statements for an asset shall be determined based on the asset's useful life."

b$.$ Per GASB Statement No$.51,"...$ all intangible assets not specifically excluded by its scope provisions be classified as capital assets." $($Summary page$).$

c$.$ In the Codification, ASC $450-20-25-2$ says that $"$An estimated loss from a loss contingency shall be accrued by a charge to income if both $..."$