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DC 15-5 Required.- Subsequent Events, Pro Forma Disclosures. L04, L06 Assume that you are the nancial statement auditor in the following independent cases, and you are completing your audit in February 20X2. . During January 20x2, the company's management decided to sell rental real estate properties that accounted for approximately 40% of its total revenues in 20X]. . The company's main factory was closed for six weeks in January and February of 20X2 because of ice storm damage. The factory resumed full operations in late February. . One of the company's factories was destroyed by a re in January. The plant was old and will not be replaced, as production can be taken up by excess capacity in other plants. . In late February, the company's board of directors agreed to settle an outstanding claim by paying $15 million to former employees. The employees suffered health problems related to asbestos exposure during the years of their employment. A contingent liability was disclosed but not accrued as of December 31, 20X], because of the uncertainty surrounding the outcome of the lawsuit. . For the past four years, the company has made 90% of its revenues and prots from sales of specialty cable to page 701 computer manufacturers. Early in 20X2, it has become apparent that there is massive overcapacity in this industry, and demand for the product has fallen to almost zero. It is not expected to recover for several years and may never recover if alternative technologies developed in the meantime make the product unnecessary. For each of these subsequent events, indicate Whether you would require the auditee company to adjust its December 20X] year-end nancial statements, disclose the event in the 20X] nancial statements, and/or provide pro forma nancial information in the 20X] nancial statements. Give reasons to support your responses, and state any assumptions you make