Gleeson Industries consists of four separate divisions: compressed wood products, chemicals, stone products, and plastics. On March 15, 2010, Gleeson sold the chemicals division for $625,000 cash. Financial information related to the chemicals division follows:
The journal entry to record the sale of the chemicals division will include:
a. a debit to Loss on Disposal of Business Segment for $175,000.
b. a debit to Assets for $1,850,000.
c . a debit to Extraordinary Gain for $175,000.
d. a credit to Gain on Disposal of Business Segment for $175,000.
Definitions:
Approval
The act of accepting or endorsing something, often in a formal or official capacity.
Cooley
Charles Horton Cooley was an American sociologist who is best known for his concept of the looking-glass self, which describes the process by which individuals base their sense of self on how they believe others view them.
Looking-Glass Self
A concept in sociology suggesting that an individual's self-image is shaped by how others perceive them, acting as a reflective social mirror.
Abstract Moral Stage
A theoretical phase in moral development characterized by an understanding of ethical principles that transcend personal interests or societal conventions.
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