Reference no: EM132735615
Question - Halifax Corporation is based in Halifax. At the end of 20X2, the company's 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. Halifax Corporation wrote down tangible capital assets by $30,000 during the year in order to reduce the Decolite division's assets to their estimated recoverable amount.
g. Halifax has long-term debt denominated in U.S. dollars. Due to the weakening of the U.S. dollar during 20X2, the company has an unrealized gain of $18,000.
h. Halifax 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. Halifax's income tax expense for 20X2 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 Statement of Comprehensive Income.
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