Four weeks after the year-end date, a major customer of Prince Construction Co. declared bankruptcy. Because the customer had confirmed the balance due to Prince at the balance sheet date, management refuses to charge off the account or otherwise disclose the information. The receivable represents approximately 10% of accounts receivable and 20% of net earnings before taxes. a. Identify if this requires a modification of or a deviation from an unqualified standard report. b. State the level of materiality as immaterial, material, or highly material c. given your answers, state the type of audit report that should be issued