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1. Translation of financial statements and consolidation of a foreign subsidiary (no of AAP) Assume that your company owns a subsidiary operating in Great Britain.

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1. Translation of financial statements and consolidation of a foreign subsidiary (no of AAP) Assume that your company owns a subsidiary operating in Great Britain. The subsidiary books in the British pound (GBP) as its functional currency. Following are the subsidiary'sm statements (in GBP) for the most recent year

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