Lawsuits During year 1, Big Time filed a lawsuit against Shady Inc. for violating a non-compete agreement that was in place after Big Time purchased some equipment from the company a year earlier. The conditions of the non-compete agreement stated that Shady Inc. would not purchase another piece of specialty equipment nor would they offer services related to this equipment for 2 years. Big Time found out that Shady started a new company in Europe, purchased this specialty equipment and were offering services related to the equipment. The note from the lawyer states that they think Big Time will be successful in the $100,000 lawsuit. The decision is expected to be made by the judge sometime in July, year 2. Also during year 1, a former employee has sued the company for wrongful termination. Big Time alleges that the employee was fired for cause. Mediation talks between the company and the employee fell apart and the employee is suing Big Time for $50,000. Management and the lawyers are uncertain when or if this lawsuit will be successful. Subsequent events January 20th, year2 there was a fire at a production facility that Big Time owns and operates. The fire was extensive and Big Time believes that production at the facility will be down for 6 months while repairs and testing are done at the facility. Big Time estimates that revenues will be affected for this revenue stream by 75% in the next fiscal year. Additionally, as a result of the lawsuit against Shady Inc., Big Time has decided to sell its European division during year 2. The Board met January 15th, year 2 and at the Board meeting a plan was established to sell off the division at a fair market value. A sales professional was hired to promote the sale to other companies and Big Time is willing to sell the division immediately. The sales professional believes there will be no issues finding a buyer and as of todays date, there have already been two sealed offers received for the purchase. The European division has a profit, net of tax, of $450,000. December 1, year 1, Big Time decided at the December Board meeting to allocate $300,000 in their savings account to construct a daycare for the sole use of their employees. In other words, only employees with children will be allowed to use the daycare. The construction will begin in March, year 2 and be ready for use by June, year 2. The location will be an old garage next to the main office building and the daycare will have access to an acre of land. Required: From the information above, prepare a condescend note(s), if required In one or two lines, tell me why (or why not) you made a note (or not)