Salamander Inc. is a food processing company that operates divisions in three major lines of food products: cereals, frozen fish, and

candy. On $13$ September $20$X$1,$ 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 international players such as Nestl$$ 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 $20$x$1,$ Atelier had found a highly interested buyer for the candy division, and serious negotiations were underway. The

buyer was a food conglomerate based in Brazil; it offered $$5\mathrm{.}9$ million cash.

On $25$ February $20$X$2,$ after further negotiations, the Salamander's board accepted an enhanced Brazilian offer to buy the division for

$$6\mathrm{.}2$ million. The Salamander shareholders approved the sale on $5$ March $20$X$2.$ The transfer of ownership took place on $31$ March

$202.$

Salamander's income tax rate is $20\%.$ Other information is as follows $($before tax, in thousands of dollars$)$:

Required:

Prepare whatever journal entries are appropriate at $13$ September $20$X$1,31$ December $20$X$1,25$ February $20$X$2,5$ March $20$X$2,$ and

$31$ March $202.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter

your answers in thousands, not millions o

$1$ Record the entry to write down capital asset to fair value,

Income tax and record impairment loss.

$2$ Record the entry to reclassify assets and liabilities as held

for sale.

$3$ Record the partial recovery in fair value less costs to sell

for asset group, partially off setting the operating loss of

$$590.$

$4$ Record the acceptance of an enhanced brazilian offer to

buy the division.

$5$ Record the entry for the approval given by the

shareholders for the sale.r in whole Canadian dollar.$)$