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Consolidated Financial Statements : A multinational corporation owns 80% of the outstanding shares of a subsidiary company with a net income of $500,000. Calculate the
Consolidated Financial Statements: A multinational corporation owns 80% of the outstanding shares of a subsidiary company with a net income of $500,000. Calculate the amount of income attributable to the parent company for consolidation purposes. Also, if the subsidiary's assets are denominated in a foreign currency, explain how the translation adjustment affects the consolidated balance sheet.
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