Hallergan Company produces car and truck batteries that it sells primarily to auto manufacturers. Dorothy Hawkins, the company$$s controller, is preparing the financial statements for the year ended December $31,2024.$ Hawkins asks for your advice concerning the following information that has not yet been included in the statements. The statements will be issued on February $28,2025.$

$1.$ Hallergan leases its facilities from the brother of the chief executive officer.

$2.$ On January $8,2025,$ Hallergan entered into an agreement to sell a tract of land that it had been holding as an investment. The sale, which resulted in a material gain, was completed on February $2,2025.$

$3.$ Hallergan uses the straight$-$line method to determine depreciation on all of the company$$s depreciable assets.

$4.$ On February $8,2025,$ Hallergan completed negotiations with its bank for a $$10,000,000$ line of credit.

$5.$ Hallergan uses the first$-$in$,$ first$-$out $($FIFO$)$ method to value inventory.

Required:

For each of the above items, discuss any additional disclosures that Hawkins should include in Hallergan$$s financial statements.