Technology Unlimited, Inc., uses a fiscal year ending June 30. The auditors completed their review of the 2002 financial statements on September 8, 2002. They discovered the followins subsequent events between June 30 and September 8.

1. Technology split its common stock 2 for 1 on Ausust 15. Pnor to the split, technology had outstanding 100,000 shares of \($1\) par common stock.

2. A major customer, Diatride Company, declared bankruptcy on Ausust 1 . The customer owned technology \($75,000\) on June 30. No payment has been received as of September 8. It is estimated that creditors will receive only 15% of outstanding claims.

3. Technology completed nesotiations to purchase Liston Development Labs on July 18.The purchase price was \($525,000\) in cash and a 4-year, \($250,000\), 10% note.

4. A \($750,000\) lawsuit asainst technology was filed on Ausust 15. It is too early to measure the loss potential.

5. A seneral decline in stock market values for technology stocks occurred durins the first week of September technology Unlimited's market value per share dropped from \($42.50\) to \($28.00\) in this week.

The auditors have requested that you prepare the "Subsequent Event" note that should accompany the financial statements for the year ending June 30, 2002. Only those events that require disclosure should be included in your note. Justify the exclusion of any events from your note.