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Haliteck Corporation is based in Halifax. At the end of 20X4, the company’s accounting records show...

Haliteck Corporation is based in Halifax. At the end of 20X4, the company’s accounting records show the following items: A $108,000 loss from hurricane damage. Total sales revenue of $2,800,000, including $420,000 in the Decolite division, for which the company has a formal plan of sale. Interest expense on long-term debt of $69,000. Increase in fair value of marketable securities of $59,000. Operating expenses of $2,140,000, including depreciation and amortization of $520,000. Of the total expenses, $418,000 (including $79,000 in depreciation and amortization) was incurred in the Decolite division. Haliteck Corporation wrote down tangible capital assets by $33,000 during the year in order to reduce the Decolite division’s assets to their estimated recoverable amount. 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 $21,000. 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. Haliteck’s income tax expense for 20X4 is $75,000. This amount is net of a tax recovery of $24,000 on the Decolite division and a $29,000 tax benefit from hurricane damage. The company had 40,000 common shares outstanding at the beginning of the year; an additional 9,000 were issued on March 31. Required: Prepare a continuous SCI. (Round your "Earnings per share" answers to 2 decimal places.) Next

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ekkarill92 answered 1 year ago
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