Required Assuming that the subsequent event occurred before the Companys 2020 financial statements were issued or available to be issued, indicate what year (2020 or 2021) the effect of each event should be recorded in. Support your conclusions by referencing to the authoritative literature set forth below.

A major customer of the Company unexpectedly filed for bankruptcy on February 20, 2021. The bankruptcy was caused by the devasting impact of an earthquake which occurred on January 15, 2021. This major customer owed the Company a significant amount of money at December 31, 2020 which will never be collected because of the bankruptcy. Prior to the bankruptcy, the receivable was considered collectible.