Aussie Steaks Inc. operates a chain of steak restaurants in the United States. On January 1, 2015, the company had \($500\) million in assets.

On January 1, 2015, the company acquired 25 percent of the shares of Sun Devil Burgers, a hamburger chain of 200 outlets, for \($10\) million in cash. At the time of the acquisition, Sun Devil had total assets of \($100\) million and total liabilities of \($60\) million. In 2015, Sun Devil reported net income of \($12\) million and paid cash dividends of \($4\) million.

On March 6, 2016, Aussie Steaks established Zaijian Burgers, a wholly-owned self-sustaining Chinese subsidiary, with cash of RMB24 million. The Chinese RMB (renmimbi) is the functional currency for Zaijian Burgers. The exchange rate at the time the subsidiary was established was RMB8 per \($1\). Immediately after the subsidiary was established the exchange rate changed to RMB12 per \($1\). Aussie Steaks and its affiliates have a December 31 year-end.

Required

1. What amount will Aussie Steaks Inc. report on its January 1, 2015, balance sheet with regard to its investment in Sun Devil Burgers following the acquisition?

2. What amount will Aussie Steaks Inc. report on its December 31, 2015, balance sheet with regard to its investment in Sun Devil Burgers?

3. What is the amount of total assets that Zaijian Burgers will show on its balance sheet in U.S. dollars on March 6, 2016?
4. What is the amount of the cumulative foreign currency translation adjustment that Aussie Steaks will report on its consolidated balance sheet on March 6, 2016, following the exchange rate change?