Question: Gore Inc. recorded a liability in 2 0 2 1 for probable litigation losses of $ 2 million. Ultimately, $ 5 million in legitimate warranty

Gore Inc. recorded a liability in 2021 for probable litigation losses of $2 million. Ultimately, $5 million in legitimate warranty claims were filed by Gore's customers.
Group of answer choices
Gore is required to adjust a change in accounting estimate prospectively.
Gore is not required to make any accounting adjustments.
Gore needs to correct an accounting error.
Gore has made a change in accounting principle, requiring retrospective adjustment.

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