Haliteck Corp. is based in Halifax. At the end of 20X4, the companys accounting records show the following items:

a. A $100,000 loss from hurricane damage.

b. Total sales revenue of $2,600,000, including $400,000 in the Decolite division, for which the company has a formal plan of sale.

c. Interest expense on long-term debt of $65,000.

d. Increase in fair value of marketable securities of $55,000.

e. Operating expenses of $2,100,000, including depreciation and amortization of $500,000. Of the total expenses, $390,000 (including $75,000 in depreciation and amortization) was incurred in the Decolite division.

f. Haliteck Corp. wrote down tangible capital assets by $35,000 during the year in order to reduce the Decolite divisions assets to their estimated recoverable amount.

g. Haliteck has long-term debt denominated in U.S. dollars. Due to the weakening of the U.S. dollar during 20X4, the company has an unrealized gain of $20,000.

h. Haliteck has a subsidiary in France. The euro strengthened during the year, with the result that Haliteck had an unrealized gain of $15,000 on its net investment in the subsidiary.

i. Halitecks income tax expense for 20X4 is $76,000. This amount is net of a tax recovery of $20,000 on the Decolite division and a $25,000 tax benefit from hurricane damage.

j.The company had 34,000 common shares outstanding at the beginning of the year; an additional 8,000 were issued on March 31.

Required:

Prepare a continuous SCI. (Please show calculations)

TR3-7 Held-for-Sale Asset (LO3.9, LO3.10):

On 13 September 20X1, Nitish Corp.s board of directors moved the companys operations into a newly constructed building and declared its old building available for sale. The original cost of the old building was $20 million; it was 40% depreciated. Other information is as follows:

a. On 15 September, a professional appraisal of the old building estimated its value as $10 million.

b. On 24 September, Nitish engaged a commercial property developer to place the building on the market for $10 million. Despite some softness in the market the developer expects to be able to sell the building within the next nine months. The developer charges a commission of 6% on final sale.

c. By 31 December, the commercial real estate market had softened considerably. Although the developer held the official asking price at $10 million, Nitish and the developer agreed they would consider offers as low as $8.5 million.

d. Despite receiving several lowball offers from prospective buyers over the first two months of 20X2, Nitishs management did not accept any of the offers.

e. By 31 March 20X2, the end of Nitishs first reporting quarter, the market had improved considerably. The developer relisted the property at $11.5 million, its newly appraised value.

f. On 27 April 20X2, Nitishs board accepted an offer of $11.7 million.

Required:

Prepare the appropriate general journal entries to record the information above.

Kindly help by answering all questions. I noticed not all questions are answered when posted. Thank you in advance