1 - Events after the reporting date Shortly after the reporting date a major credit customer of a company went into liquidation because of heavy trading losses and it is expected that little or none of the $128,000 debt will be recoverable. $28,000 of the debt relates to sales made prior to the year end; $100,000 relates to sales made in the first two days of the new financial year. In the 20X1 financial statements the whole debt has been written off, but one of the directors has pointed out that, as the liquidation is an event after the reporting date, the debt should not in fact be written off but disclosure should be made by note to this year's financial statements, and the debt written off in the 20X2 financial statements. REQUIRED (a) Discuss the accounting treatment for adjusting and non-adjusting events.(4 marks)(b) Discuss any 2 (two) examples of adjusting events.(4 marks)(c) Discuss any 2 (two) examples of non-adjusting events.(4 marks)(d) Advise whether the director is correct.(8 marks)