Canadian Cottage is a company based in Canada that is a subsidiary of McKirby Inc. a US company. The financial year-end of McKirby is December 31, it is currently December 31, 2016, and the following information is available concerning exchange rates: Jan 1:1 CAD 0.75 USD 17 Apr 1 CAD 0.65 USD 19 Sep: 1 CAD 0.85 USD 31 Dec: 1 CAD-0.80 USD Average: 1 CAD 0.76 USD The following financial statement items are shown in CAD: Sales 24.000 Cost of sales: 7,000 Administrative expenses: 4.000 Cast: 10.500 Receivables: 1.200 Invertory: 6,400 Noncurrent assets 16.000 Current liabilities: 5,000 ^ Long-term loan: 10.000 Common stock 12.000 Retained earnings at jan 1:7,100 Dividends declared on 19th of September: 3.000 Assuming the Current Rate Method of translation, determine the amount of the foreign currency translation adjustment. Assuming the Current Rate method of translation. determine the amount of translated retained earnings Assuming the Current Rate Method of translation, determine the amount of translated net income $12.655 # $2,400 2 $7,650 This course Help & Support 400 aranman alsha Canadian Cottage is a company based in Canada that is a subsidiary of McKirby Inc. a US company. The financial year-end of Mckaby is December 31 it is curently December 31 2016, and the following information is available concerning exchange rates: jan 1:1 CAD 0.75 USD 17 Apr: 1 CAD 0.65 USD 19 Sep: 1 CAD 0.85 USD 31 Dec: 1 CAD 0.80 USD Average: 1 CAD 0.76 USD The following financial statement items are shown in CAD: Sales: 24,000 Cost of sales: 7,000 Administrative expenses: 4.000 Cash: 10.500 Receivables: 1.200 Inventory: 6,400 Noncurrent assets; 16,000 Current liabilities: 5.000 Long-tern loan: 10.000 Common stock: 12,000 Retained earnings at jan 1:7,100 Dividends declared on 19th of September: 3.000 Assuming the Current Rate Method of translation, determine the amount of the foreign currency translation adjustment Assuming the Current Rate method of translation, determine the amount of translated retained earnings Assuming the Current Rate Method of translation, determine the amount of translated net income 12450 42.400 47400