1. The following is a condensed Income Statement for Fossil Inc. for the three years ending December 31 , 201,202, and 203. The statement was prepared by Fossil's CFO, but it incorrectly reports discontinued operations. Additional information: - On November 1, 20x2, Fossil entered into a plan to sell one of its separate operating divisions. The book value of the net assets of the division on December 31,202 was $1,500,000. Assume that that management estimates the fair value of the division to be $1,800,000 on December 31,202. The sale was completed on December 31,203 for $1,850,000 (selling costs were immaterial). The book value of the net assets of the division on December 31,203 was $1,600,000. The disposal of the operating division represents a strategic shift that will have a major effect. - The division's contribution to Fossil's income before taxes for each year is as follows: - Fossil has a 20% income tax rate in all years. c) What is the journal entry that Fossil should record on December 31, 203 (i.e., when the disposal of the component is completed)? ( 1 point)