Pharoah Limited, a private company following ASPE, disposed of some assets during the fiscal year ended December $31,2023.$ Based on the research done by the assistant controller, journal entries were made and the following first draft of the income statement was prepared. As controller, you have determined that the assets disposed of do not qualify for treatment as a discontinued operation.

Income from continuing operations before income tax

$$2\mathrm{.}230\mathrm{.}000$

Ancome tax expense

$557\mathrm{.}500$

Income from continuing operations

$1,672\mathrm{.}500$

Discontinued operation:

Loss from disposal of discontinued division $($net of $$75\mathrm{.}000$ income tax recovery$)$

$225\mathrm{.}000$

Net income

$$1,447\mathrm{.}500$

$($a$)$

Prepare the general journal entry. if any. that Pharoah should make at December $31,2023.($List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $*$No Entry" for the account titles and enter O for the amounts.$)$

Account Titles and Explanation

Debit

Credit

e Textbook and Media

List of Accounts

Attempts: $0$ of $5$ used

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$($b$)$

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C$)$

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