Solution:Over the history of the Earth, the magnetic field has reversed every several hundred thousand years. Over the last 5 million years, the Earth's magnetic field reversed itself at least 20 times. Over the last 20 million years, the reversal happens about every 200 thousand to 300 thousand years. However, it has been about 780 thousand years since the last reversal. Hence, statement 1 is correct.
When Earth was created, there was no oxygen in the atmosphere. Oxygen, although always present in compounds in Earth's interior, atmosphere, and oceans, did not begin to accumulate in the atmosphere as oxygen gas (O₂). The earliest atmosphere contained carbon dioxide, methane, water vapour, carbon monoxide, ammonia, nitrogen, hydrogen, etc. Hence, statement 2 is incorrect.
When living organisms originated, they modified the early atmosphere of the Earth. However, it is likely that hundreds of millions of years separated the first biological production of oxygen by unicellular organisms and its eventual accumulation in the atmosphere. Thus, statement 3 is correct.