QUESTION ONE (6 marks) Each of the following events occurred after the reporting period (30 June 2021) but before the financial report of Major Ltd was authorised for issue on 30 September 2021. REQUIRED: Identify whether each of the following independent scenarios will be considered as an adjusting or non-adjusting event after the reporting period. For each scenario, illustrate what Major is required to do. Assume that each of these events listed below have a material effect on the financial statements of Major Ltd. (a) On 26 July 2021, Sharp Ltd a major customer of Major Ltd was declared bankrupt. The liquidator of Sharp Ltd advised Major Ltd that it was most likely that there would be no funds available to pay trade creditors. On 30 June 2021, Sharp Ltd owed $250,000 to Major Ltd. Major Ltd has not received any payments from Sharp Ltd since May 2021. (3 marks) (b) On 7 July 2021, a building owned by Major Ltd was destroyed by fire. The building was not insured. On 30 June 2021, the carrying amount of building destroyed by fire was $450,000