Ajax Corporation sold one of their divisions during the year for 7,500,000. The book value of the

Question:

Ajax sold one of their divisions during the year for 7,500,000. The book value of the divisions at that time was 6,000,000. in addition the division produced revenues of 250,000 and expenses of 175,000 while still owned by Ajax (the tax rate is 30% for all transactions). State where this transaction would appear on the (which statement and where on the statement) and show how the details would be presented on this statement.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...