Question
Haliteck Corporation is based in Halifax. At the end of 20X4, the companys accounting records show the following items: a. A $102,000 loss from hurricane
Haliteck Corporation is based in Halifax. At the end of 20X4, the companys accounting records show the following items: a. A $102,000 loss from hurricane damage. b. Total sales revenue of $2,650,000, including $405,000 in the Decolite division, for which the company has a formal plan of sale. c. Interest expense on long-term debt of $66,000. d. Increase in fair value of marketable securities of $56,000. e. Operating expenses of $2,110,000, including depreciation and amortization of $505,000. Of the total expenses, $400,000 (including $76,000 in depreciation and amortization) was incurred in the Decolite division. f. Haliteck Corporation wrote down tangible capital assets by $30,000 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 $18,000. h. Haliteck has a subsidiary in France. The euro strengthened during the year, with the result that Norse had an unrealized gain of $12,000 on its net investment in the subsidiary i. Halitecks income tax expense for 20X4 is $72,000. This amount is net of a tax recovery of $21,000 on the Decolite division and a $26,000 tax benefit from hurricane damage. j. The company had 35,000 common shares outstanding at the beginning of the year; an additional 6,000 were issued on March 31.
Required: Prepare a continuous SCI. (Round your "Earnings per share" answers to 2 decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started