Tractor Malaysia Berhad is a company producing and supplying heavy vehicles for the use in construction and agriculture. The financial statements for Tractor Malaysia Berhad for the year ended 2016 have been completed on 21 March 2017 and were approved for issuance by the board of directors on 1 April 2017. The financial statements for the company have been issued to the public on 1 June 2017. During the preparation of the financial statements for Tractor Malaysia Berhad for the period ending on 31 December 2016, the company's accountant discovered the following information: a) On 12 November 2016, a former employee filed a lawsuit against Tractor Malaysia Berhad for insufficient action taken by the company to ensure safety working condition for the production staff causing an accident and asking for the cost of damages of RM150,000 On 31 December 2016, Tractor Malaysia Berhad's attorney indicated that the likelihood of losing the lawsuit was possible but not probable. On 5 March 2017, after a negotiation between the company's attomey and the plaintiff, Tractor Malaysia Berhad agreed to pay the plaintiff an amount of RM50,000 in return for his agreement to withdraw the lawsuit. b) On 15 March 2017, one of the debtors who owed Tractor Malaysia Berhad an amount of RM950,000 has been declared bankrupt. After a careful analysis on the financial standing of the debtor, the assigned liquidator has estimated that only RM0.40 for every RM1 debt can be paid to Tractor Malaysia Berhad. Tractor Malaysia Berhad has provided for doubtful debts amounting to 5% on this account as required by the company's policy. c) On 2 March 2017, one of Tractor Malaysia Berhad's warehouses was destroyed in a fire. Tractor Malaysia Berhad has taken takaful coverage for the warehouse with Syarikat Takaful Ikhlas for RM1.9 million. However, after a careful analysis, the total losses was estimated to be RM2.5 million. Required: (i) Clarify the category of events after the reporting period and discuss the appropriate accounting treatment for the above situations in accordance with MFRS110 Events after the Reporting Period. Prepare any necessary journal entries and/or disclosures required.