Events after the reporting period

On 20 February 2021, the 31 December 2020 financial statements of Online Retail Ltd have been prepared but have not yet been printed and issued to shareholders. After the end of the reporting period, the following events occurred:

1. On 15 January, the Government enacted legislation raising the corporate tax rate from 28% to 32%, effective from 1 January 2021.
2. On 29 January, the companys warehouse was destroyed in a fire. The total carrying cost of the warehouse, which was uninsured, was $550,000.
3. On 3 February, the final cost of inventory shipped from China was determined. The inventory was received in late December 2020 and the cost was estimated for recording purposes. The revised cost was $750,000 greater than the estimate.
4. On 10 February, the company entered into a contract to purchase 25% of a competitor, EBuy Ltd, for $900,000.
5. On 15 February, a High Court judgment relating to a product liability case brought against the company by a customer in 2020 was made. The judgment held the company liable for court costs of $80,000 and compensation totalling $150,000.

For each case separately, referring to relevant NZ IAS 10 paragraphs (especially 3, 8 11 and 2122) and assuming that all amounts are material:

1. state whether the item is an adjusting or nonadjusting event

2. briefly explain why

3. briefly explain how the item should be disclosed (or not disclosed) in the financial statements.