Indigo Books & Music Inc.’s (Indigo’s) financial statements appear in Appendix A at the end of this book and on MyLab Accounting. 

Required

1. The financial statements are labelled “consolidated.” What evidence can you find in the financial statements that reveals how Indigo accounts for its subsidiaries?

2. What business(es) is(are) included in the consolidated statements?

3. Does Indigo have any foreign-currency transactions? How do you know?

4. How much was the gain or loss on foreign-currency transactions in 2017?