please help with these two

1. Three weeks prior to the end of the fiscal year, an uncontrolled wildfire destroys a large stockyard of lumber, equipment, and a significant number of partially-built tract homes for a homebuilder client. Because of a lull in new home construction, the homebuilder was already struggling to earn a profit and pay its bills. The builder does not have fire insurance to cover the losses incurred. Is this a subsequent event? If so, is it a Type I or Type II event?

Type I Subsequent Event Type II Subsequent Event Not a subsequent event

2. True or false: Type I subsequent events require an adjustment to the financial statements to reflect the effects of the event.