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Stable Co. was incorporated on January 2, 2007, and commenced active operations immediately. Common shares were issued on the date of incorporation and no new common shares have been issued since then. On December 31, 2020, Pony Company purchased 70% of the outstanding common shares of Stable Inc. for 1,500,000 FCU. Pony Company reports under ASPE. For the year ended December 31, 2021, the income statement for Stable Co. was as follows: Sales and $8,500,000 other revenue Cost of goods 3,800,000 sold Interest 200,000 expense Amortization 150,000 expense Other 3,630,000 expenses Net income $720,000 Additional information: - The additions to inventory, sales and other revenue, other expenses, and stock issues occurred evenly throughout the year. - The property, plant and equipment on hand at the end of 2020 had been purchased by Stable Co. on January 2, 2007. A new manufacturing plant was purchased on July 31, 2021 for a total cost of FCU 100,000. The amortization on the new plant in 2021 was FCU 5,000. There have been no other purchases or sales of capital assets since 2007. - Total inventory purchased in 2021 was $4,020,000, and the ending inventory balance of $300,000 was purchased evenly over the month of December 2021. - Dividends were declared and paid on July 31, 2021. Select exchange rates: 31-Dec-20 1FCU - C$0.24 Average for 2021 1FCU = C$0.22 31-Jul-21 1FCU = C$0.21 Average for December 2021 1FCU = C$0.20 31-Dec-21 1FCU = C$0.19 Stable Co.'s newly hired controller has completed the integrated subsidiary FX proof as part of the foreign exchange translation for the year ended December 31, 2021, but they are not confident that it is correct: Rate CAD Net monetary assets, January 1, 2021 (in FCU): Cash 1,250,000 AR 1,420,000 Inventory 80,000 Monetary liabilities (2,670,000) ol 0.24 0.22 0.22 0.22 (76,800) 1,870,000 (884,400) (798,600) (44,000) (68,250) (33,000) (35,050) 0.22 (320,000) Sales 8,500,000 Purchases (4,020,000) Other expenses (3,630,000) Interest expense (200,000) Dividends declared (325,000) Amortization expense (150,000) (145,000) Net monetary assets, December 31, 2021 (in FCU): Cash 1,100,000 AR 1,500,000 Inventory 200,000 Monetary liabilities (2,575,000) 0.21 0.22 25,000 0.19 4,750 Foreign exchange gain 39,800 Required: Using the other information provided and your understanding of foreign translation, review the foreign exchange proof, identifying three errors, and explaining why they are errors and how they should be corrected. You do not need to correct the entire proof and recalculate the FX gain/loss. note - you can assume that all the basic math is correct in the proof (i.e FCU amount x rate = CAD amount). Stable Co. was incorporated on January 2, 2007, and commenced active operations immediately. Common shares were issued on the date of incorporation and no new common shares have been issued since then. On December 31, 2020, Pony Company purchased 70% of the outstanding common shares of Stable Inc. for 1,500,000 FCU. Pony Company reports under ASPE. For the year ended December 31, 2021, the income statement for Stable Co. was as follows: Sales and $8,500,000 other revenue Cost of goods 3,800,000 sold Interest 200,000 expense Amortization 150,000 expense Other 3,630,000 expenses Net income $720,000 Additional information: - The additions to inventory, sales and other revenue, other expenses, and stock issues occurred evenly throughout the year. - The property, plant and equipment on hand at the end of 2020 had been purchased by Stable Co. on January 2, 2007. A new manufacturing plant was purchased on July 31, 2021 for a total cost of FCU 100,000. The amortization on the new plant in 2021 was FCU 5,000. There have been no other purchases or sales of capital assets since 2007. - Total inventory purchased in 2021 was $4,020,000, and the ending inventory balance of $300,000 was purchased evenly over the month of December 2021. - Dividends were declared and paid on July 31, 2021. Select exchange rates: 31-Dec-20 1FCU - C$0.24 Average for 2021 1FCU = C$0.22 31-Jul-21 1FCU = C$0.21 Average for December 2021 1FCU = C$0.20 31-Dec-21 1FCU = C$0.19 Stable Co.'s newly hired controller has completed the integrated subsidiary FX proof as part of the foreign exchange translation for the year ended December 31, 2021, but they are not confident that it is correct: Rate CAD Net monetary assets, January 1, 2021 (in FCU): Cash 1,250,000 AR 1,420,000 Inventory 80,000 Monetary liabilities (2,670,000) ol 0.24 0.22 0.22 0.22 (76,800) 1,870,000 (884,400) (798,600) (44,000) (68,250) (33,000) (35,050) 0.22 (320,000) Sales 8,500,000 Purchases (4,020,000) Other expenses (3,630,000) Interest expense (200,000) Dividends declared (325,000) Amortization expense (150,000) (145,000) Net monetary assets, December 31, 2021 (in FCU): Cash 1,100,000 AR 1,500,000 Inventory 200,000 Monetary liabilities (2,575,000) 0.21 0.22 25,000 0.19 4,750 Foreign exchange gain 39,800 Required: Using the other information provided and your understanding of foreign translation, review the foreign exchange proof, identifying three errors, and explaining why they are errors and how they should be corrected. You do not need to correct the entire proof and recalculate the FX gain/loss. note - you can assume that all the basic math is correct in the proof (i.e FCU amount x rate = CAD amount)