In connection with your audit of the financial statements of Hollis Mf. Corporation for the year ended December 31, 203, your review of subsequent events disclosed the following items. For each of the subsequent events identified, indicate whether they should result in: Adjustment An adjustment as of 20X3. Disclosure Note disclosure as of 20X3. No Disclosure No disclosure nor adjustment as of 20X3. 1.7.20X4: The mineral content of a shipment of ore en route to Hollis Mfg. Corporation on 12.31.X3, was determined to be 72%. The shipment was recorded at year-end at an estimated content of 50% by a debit to Raw Materials Inventory and a credit to Accounts Payable in the amount of $82,400. The final liability to the vendor is based on the actual mineral content of the shipment. 15.20X4: Following a series of personal disagreement s between Ra Hollis, the president, and his brother-in-law, the treasurer, the later resigned, effective immediately, under an agreement whereby the corporation would purchase his 10% stock ownership at book value as of 12.31.X3. Payment is to be made in two equal amounts in cash on April 1 and October 1, 20X4. In December, the treasurer had obtained a divorce from his wife, who is Ray Holliss sister. 6.20X4: As a result of reduced sales, production was curtailed in mid-January and some workers were laid off. On 1.18.20X4, a major customer filed for bankruptcy. The customers financial condition had been degenerating over recent years. On 1.28.20X4, a famous analyst who followed the industry provided a negative report on his expectations concerning the short and intermediate term for the industry.