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Haliteck Corporation is based in Halifax. At the end of 20X4, the company's accounting records show the following items: a. A $100,000 loss from hurricane
Haliteck Corporation is based in Halifax. At the end of 20X4, the company's 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 Corporation wrote down tangible capital assets by $35,000 during the year in order to reduce the Decolite division's 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 Norse had an unrealized gain of $15,000 on its net investment in the subsidiary i. Haliteck's 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. (Round your "Earnings per share" answers to 2 decimal places.) HALITECK CORPORATION Statement of Comprehensive Income Year ended 31 December 20X4 (in Canadian dollars) $ 0 Expenses of continuing operations: 0 0 Earnings from continuing operations before income tax 0 Net earnings from continuing operations $ 0 Other comprehensive income: Comprehensive income (loss) Earnings per share from continuing operations Earnings (loss) per share from discontinued operations Earnings per share
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