Chapter 3 Assignment Question 1. Scotia Corporation is based in Ontario. At the end of 2017, the company's accounting records show the following items:$56,000 loss from flood damage. a) Total sales revenue of $2,750,000, including $415,000 in the Ecobrite division, for which the company has a formal plan of sale. b) Interest expense on long-term debt of $88,000. c) Increase in fair value of marketable securities of $58,000. d) 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 Ecobrite division. e) Scotia Corporation wrote down tangible capital assets by $32,000 during the year in order to reduce the f) Scotia has long-term debt denominated in U.S. dollars. Due to the weakening of the U.S. dollar during 2017, g) Scotia has a subsidiary in France. The euro strengthened during the year, with the result that Norse had an ) Scotia's income tax expense for 2017 is $74,000. This amount is net of a tax recovery of $23,000 on the ) The company had 37,000 common shares outstanding at the beginning of the year; an additional 8,000 were Ecobrite division's assets to their estimated recoverable amount. the company has an unrealized gain of $40,000. unrealized gain of $14,000 on its net investment in the subsidiary Ecobrite division and a $28,000 tax benefit from hurricane damage. issued on March 31. Required: Prepare a continuous SCI. Chapter 3 Assignment Question 1. Scotia Corporation is based in Ontario. At the end of 2017, the company's accounting records show the following items:$56,000 loss from flood damage. a) Total sales revenue of $2,750,000, including $415,000 in the Ecobrite division, for which the company has a formal plan of sale. b) Interest expense on long-term debt of $88,000. c) Increase in fair value of marketable securities of $58,000. d) 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 Ecobrite division. e) Scotia Corporation wrote down tangible capital assets by $32,000 during the year in order to reduce the f) Scotia has long-term debt denominated in U.S. dollars. Due to the weakening of the U.S. dollar during 2017, g) Scotia has a subsidiary in France. The euro strengthened during the year, with the result that Norse had an ) Scotia's income tax expense for 2017 is $74,000. This amount is net of a tax recovery of $23,000 on the ) The company had 37,000 common shares outstanding at the beginning of the year; an additional 8,000 were Ecobrite division's assets to their estimated recoverable amount. the company has an unrealized gain of $40,000. unrealized gain of $14,000 on its net investment in the subsidiary Ecobrite division and a $28,000 tax benefit from hurricane damage. issued on March 31. Required: Prepare a continuous SCI