Prepare whatever journal entries are appropriate at 13 September 20X1, 31 December 20X1, 25 February 20X2, 5 March 20X2, and 31 March 20X2. (Ifno entry is required for a transaction/event, select “No journal entry required” in the first account field.

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 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 international players such as Nestlé 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 negotiations were underway. The buyer was a food conglomerate based in Brazil; it offered $4.5 million cash.
On 25 February 20X2, after further negotiations, the Salamander’s board accepted an enhanced Brazilian offer to buy the division for $4.7 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):

1 January 20X1 31 December 20X1
Book Value Fair Value Fair Value
Candy division’s net assets:
Current assets $ 910 $ 820 $ 740
Property, plant, and equipment (net) 4,400 3,200 3,400
Current liabilities (900 ) (900 ) (900 )
$ 4,410 $ 3,120 $ 3,240
Net earnings (loss) of the candy division:
13 September to 31 December 20X1 450
1 January to 31 March 20X2 (560 )

Required:
1. Prepare whatever journal entries are appropriate at 13 September 20X1, 31 December 20X1, 25 February 20X2, 5 March 20X2, and 31 March 20X2. (Ifno entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in thousands, not millions or in whole Canadian dollar.)

 

  • 1Record the entry to write down capital asset to fair value, Income tax and record impairment loss.
  • 2Record the entry to reclassify assets and liabilities as held for sale.
  • 3Record the partial recovery in fair value less costs to sell for asset group, partially off setting the operating loss of $450.
  • 4Record the acceptance of an enhanced brazilian offer to buy the division.
  • 5Record the entry for the approval given by the shareholders for the sale.
  • 6Record the entry for the final sale.
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