Northern Switching Ltd. (NSL) is a manufacturer of digital switching equipment and systems. The company has total assets of approximately $784 million. Each of the following events occurred after the end of NSL’s 20X8 fiscal year, but before the statements had been finalized:

a. NSL finalized an agreement to sell a major production facility to Cascade Cable Corporation for approximately $42 million cash. The sale includes buildings of approximately one million square feet, fixtures, equipment, and 63 acres of land. The property has an amortized cost of $28 million on NSL’s draft 20X8 SFP.

b. NSL reached agreement with an international banking corporation for credit support for up to $23 million of new sales to customers abroad.

c. The company has a U.S. subsidiary. NSL (i.e., the parent company) signed a repayment guarantee on a $50 million line of credit that Citibank issued to the subsidiary.

d. Marketable securities held by NSL at 20X8 year end, reported on the year end draft SFP at their market value of $14 million, were sold for $12 million.

e. The CEO of Crisco Corporation, NSL’s major competitor, accused a senior NSL executive of improperly accessing confidential information via an employee only portal on Crisco’s website and using that information for competitive advantage. Crisco said that the company will file a lawsuit to recover $76 million in damages. NSL vehemently denies the allegation.

Required:

Discuss what disclosure, if any, NSL should give to each of these events in its 20X8 financial statements.