Giant and Small, CPAs, were auditing Gulliver Corporation for the year ended December 31, 2017. On January 11, 2018, a major customer of Gulliver Corporation declared bankruptcy as the result of an uninsured loss due to a major fire in their warehouse on January 8, 2018. As a result, a material accounts receivable from the customer was determined to be uncollectible. Giant and Small, CPAs, would expect the client to record the loss on uncollectible accounts as a routine transaction in the year 2018. treat the loss as a subsequent event and adjust the 2017 financial statements to record the loss on uncollectible accounts. treat the loss as a subsequent event and provide a footnote about the loss in the 2017 financial statements