PROVISIONS 3 (1 point) The board of directors of ABC Inc. at their meeting held on December 15,2021 , decided to close down the entity's international branches and shift its international operations and consolidate them with its domestic operations. A detailed formal plan for winding up the international operations was also formalized and agreed to by the board of directors in that meeting. Letters were sent to customers, suppliers, and workers soon thereafter. Meetings were called to discuss the features of the formal plan to wind up international operations, and representatives of all interested parties were present in those meetings. Required: How do you account for this situation