Salamander Inc is a food processing company that cperates divisions in three major lines of food products cereals, frozen fish, and candy On 13 Seplember 20X1, the Board of Directors voted to put the candy division up for sale. The candy division's operating results had been declining for the past several years due to intense competition from large internaional players such as Nest and Cadbury The Board hired the consulting firm Atelier LLP to conduct a search for potential buyers The consulting fee was to be 5% of the value of any sale transaction. By 31 December 20X1, Atelier had found a highly interested buyer for the candy division, and serious negotations were underway. The buyer was a food conglomerate based in Brazi; it offered $6.4 million cash On 25 February 20X2 after further negotiations, the Salamander's board accepted an enhanced Brazilian offer to buy the division for $6.7 million. The Salamander shareholders approved the sale on 5 March 20X2. The transfer of ownership took place on 31 March 20X2 Salamander's income tax rate is 20% Other information is as follows (before tax, in thousands of dollars) 13 September 20x1 31 December 20x1 Book Value Fair Value Fair Value Candy division's net assat Current assets Property. plant, and equipment (net) Current lisbilities 1,080 (1.300) s 0.080 1,020 4.800 (1,300) 5 4.520 S 940 5,000 (1,300) 4.040 Net earning(o) ot the candy dvision 13 September to 31 Decamber 20x1 1 January to 31 March 20X2 840 (750) 1. Prepare whatever journal entries are appropiate at 13 September 20X1, 31 December 20x1, 25 February 20X2, 5 March 20X2, and 31 March 20X2 (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field. Enter your answers in thousands, not millions or in whole Canadian dollar.) View transaction list Income tax and record impairment loss Record the entry to reclassify assets and liabilities as held for sale. 2 Racord the partial racovary in fair value less costs to sall for asset group, partielly off setting the operating loss of $640 3 Record the acceptance of an enhanced brazilian offer to buy the division. 4 Record the entry for the approval given by the hareholders for the sale 5 s Record the entry for the final sale. Salamander Inc is a food processing company that cperates divisions in three major lines of food products cereals, frozen fish, and candy On 13 Seplember 20X1, the Board of Directors voted to put the candy division up for sale. The candy division's operating results had been declining for the past several years due to intense competition from large internaional players such as Nest and Cadbury The Board hired the consulting firm Atelier LLP to conduct a search for potential buyers The consulting fee was to be 5% of the value of any sale transaction. By 31 December 20X1, Atelier had found a highly interested buyer for the candy division, and serious negotations were underway. The buyer was a food conglomerate based in Brazi; it offered $6.4 million cash On 25 February 20X2 after further negotiations, the Salamander's board accepted an enhanced Brazilian offer to buy the division for $6.7 million. The Salamander shareholders approved the sale on 5 March 20X2. The transfer of ownership took place on 31 March 20X2 Salamander's income tax rate is 20% Other information is as follows (before tax, in thousands of dollars) 13 September 20x1 31 December 20x1 Book Value Fair Value Fair Value Candy division's net assat Current assets Property. plant, and equipment (net) Current lisbilities 1,080 (1.300) s 0.080 1,020 4.800 (1,300) 5 4.520 S 940 5,000 (1,300) 4.040 Net earning(o) ot the candy dvision 13 September to 31 Decamber 20x1 1 January to 31 March 20X2 840 (750) 1. Prepare whatever journal entries are appropiate at 13 September 20X1, 31 December 20x1, 25 February 20X2, 5 March 20X2, and 31 March 20X2 (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field. Enter your answers in thousands, not millions or in whole Canadian dollar.) View transaction list Income tax and record impairment loss Record the entry to reclassify assets and liabilities as held for sale. 2 Racord the partial racovary in fair value less costs to sall for asset group, partielly off setting the operating loss of $640 3 Record the acceptance of an enhanced brazilian offer to buy the division. 4 Record the entry for the approval given by the hareholders for the sale 5 s Record the entry for the final sale