Part 2 (4 marks) For each of the following independent events, describe the appropriate accounting treatment. In each scenario, assume that the year-end financial statements have not yet been issued Specifically state whether the event should be reported in the financial statements and/or only in the notes. Briefly explain your answer. a) A company's year-end is December 31, 2020. On February 6, 2021, the company applied for a new bank of $1,000,000, substantially increase their amount of debt. b) On January 4, 2020, just prior to the 2019 year-end financial statements being issued, a legal dispute was settled by the courts. It was determined that the company owed $50,000 because of a lawsuit filed in 2019. The company had not recorded a provision (liability) in 2019 as at that time they had determined that the lawsuit would not be successful