LTB Enterprises consists of four separate divisions: building products, chemicals, mining, and plastics. On March 15, 2021 , LTB sold the chemicals division for $625,000 cash. Financial information related to the chemicals division follows:

a. Provide the journal entry (or entries) to record the sale of the chemicals division. Assume an income tax rate of 25 percent.
b. Prepare the section of LTB 's 2021 income statement that relates to the disposal of the business segment.

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(1/1/21-3/15/21) (3/15/21) Sales $175,000 Assets $1,850,000 Operating expenses 160,000 Liabilities 1,400,000 Net operating income (loss) $ 15,000