Given the following four subsequent events (unrelated) for the December 31, 2016 year-end:

On January 15, 2017, a major customer declared bankruptcy.(3 marks)

On January 25, 2017 a fire destroyed a major suppliers building that warehouses inventory . (3 marks)

On January 4^, 2017, an investment analyst downgraded the stock of the auditee. (3 marks)

The audit report date is February 15, 2017.

Required:

State clearly the type of subsequent event (Type I or Type II), if any, and the required impact on the financial statements.