In connection with your audit of the financlal statements of Hollis Manufacturing Corporation for the year ended December 31 , 20X3, your review of subsequent events disclosed the following Items: a. January 7, 20X4: The mineral content of a shipment of ore en route to Hollis Manufacturing Corporation on December 31 , 20X3, was determined to be 72 percent. The shipment was recorded at year-end at an estimated content of 50 percent by a debit to Raw Materlals Inventory and a credlt to Accounts Payable In the amount of $82,400. The final llability to the vendor is based on the actual mineral content of the shipment. b. January 15, 20X4: Following a serles of personal dlsagreements between Ray Hollis, the president, and his brother-In-law, the treasurer, the latter resigned, effectlve immediately, under an agreement whereby the corporation would purchase his 10 percent stock ownership at book value as of December 31,203. 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 Hollis's sister. c. January 16, 20X4: As a result of reduced sales, production was curtalled in mid-January and some workers were lald off. d. On January 18,204, a major customer filed for bankruptcy. The customer's financlal condltion had been degenerating over recent years. e. On January 28,204, a famous analyst who followed the Industry provided a negative report on his expectations concerning the short and Intermedlate term for the Industry. Requlred: 1. For each of the subsequent events, Indicate whether they should result in: Adjustment-an adjusting entry as of 203. Consider Disclosure-consideration of note disclosure as of 203. 2. Depending upon the detalls of the circumstances Involved, some of the events may result in nelther adjustment nor note disclosure. Select the two events least likely to be reflected (resulting in adjustment or disclosure) In the financlal statements