Hello,

I have attached the questions i need help with. This is for Intermediate accounting 2

Chapter 3 Assignment Due Hard Copy Beginning of Class on Thursday March 23rd (CRN 18033) Question 1. Haliteck Corporation is based in Halifax. At the end of 20X4, the company's accounting records show the following items: a) $106,000 loss from hurricane damage. b) Total sales revenue of $2,750,000, including $415,000 in the Decolite division, for which the company has a formal plan of sale. c) Interest expense on long-term debt of $68,000. d) Increase in fair value of marketable securities of $58,000. e) Operating expenses of $2,130,000, including depreciation and amortization of $515,000. Of the total expenses, $412,000 (including $78,000 in depreciation and amortization) was incurred in the Decolite division. f) Haliteck Corporation wrote down tangible capital assets by $32,000 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 $14,000 on its net investment in the subsidiary i) Haliteck's income tax expense for 20X4 is $74,000. This amount is net of a tax recovery of $23,000 on the Decolite division and a $28,000 tax benefit from hurricane damage. j) The company had 37,000 common shares outstanding at the beginning of the year; an additional 8,000 were issued on March 31. Required: Prepare a continuous SCI. Question 2. Turnbull Ltd. decided on January 1, 2007 to discontinue its plastic-making division. The division, properly identified as a reportable segment, was sold on June 1, 2001. Division assets with a carrying value of $800,000 were sold for $500,000. Operating income from January 1, to May 30, 2007 for the division amounted to $125,000. Income taxes are at the rate of 45%. Required: What amount should be reported on Turnbull's income statement for the year ended December 31, 2007 under the caption "discontinued operations"? Show all of your work to maximize marks. Question 3. On 13 September 2001, Nitish Corp's board of directors moved the company's operations into a newly constructed building and declared its old building available for sale. The original cost of the old building was $36 million; it was 30% depreciated. Other information is as follows: a) On 15 September, a professional appraisal of the old building estimated its value as $19 million. b) On 24 September, Nitish engaged a commercial property developer to place the building on the market for $19 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 4% on final sale. c) By 31 December, the commercial real estate market had \"softened\" considerably. Although the developer held the official asking price at $19 million, Nitish and the developer agreed they would consider offers as low as $17.5 million. d) Despite receiving several \"lowball\" offers from prospective buyers over the first two months of 2002, Nitish's management did not accept any of the offers. e) By 31 March 2002, the end of Nitish's first reporting quarter, the market had improved considerably. The developer relisted the property at $20.5 million, it's newly appraised value. f) On 27 April 2002, Nitish's board accepted an offer of $20.7 million. Required: Prepare the appropriate general journal entries to record the information above. If no entry is required, simply state that