I need this Part $2$:

This week's assignment will be a draft of Part $2$ of the portfolio project. The final version of Part $2$ of the project is due, along with Part $1,$ in their final versions with Part $3$ as the Portfolio Project for this class.

Regarding the England factory, what currency will be used in preparing the year end consolidated financial statements for $20$x$7?$ Explain which method is appropriate to use at year$-$end: translation or remeasurement?

Prepare the journal entries to record the formation of the partnership on January $1,20$x$7,$ and to record the events that occurred in during $20$x$9.$ Prepare the Income Statement and Balance Sheet for the year ended $20$x$7.$Company Background:

Florida Chocolate Inc. was first opened as a sole proprietor in $20$x$2$ under the name Alexandria$$s Chocolates. The company produced $4$ specialty chocolate products using an old family recipe, which only the owner, Alexandria Vierra, knows. The company started as a small homebased business.

In $20$x$4$ Alexandria decided to expand the business, opened a factory in Ft$.$ Lauderdale Florida and converted the business to a corporation named Florida Chocolate Inc. Due to the huge success of the business she decided to expand to Europe in $20$x$6,$ opening another factory in England. This factory is run by Alexandria$$s brother Nelson. The third factory was open in Brazil in $20$x$9$ and is run by Alexandria$$s sister Laura.

Project Information:

$*$The recording currency and functional currency of Florida Chocolate Inc. is the U$.$S$.$ Dollar.

On January $1,20$x$6$ Florida Chocolate Inc acquired $100\%$ of Brazil Co$$s outstanding stock to open a factory in Brazil. The following facts relate to the acquisition:

$$ Florida Chocolate Inc paid $$1,000,000$ cash for Brazil Co Industries.

$$ On January $1,20$x$6,$ Brazil Co had the following assets and liabilities on its balance sheet: Cash $-$ $$375,000,$ Inventory $-$ $$1,000,000,$ Land $-$ $$100,000,$ Buildings & equipment $-$ $$625,000,$ Accounts Payable $-$ $$300,000,$ and Notes Payable $-$ $$1,500,000.$

$$ Fair market values of all Brazil Co$\text{'}$ assets and liabilities approximate their costs with the exception of:

o Inventory $-$ $$950,000$

o Land $-$ $$300,000$

o Buildings & Equipment $-$ $$975,000$

$$ For the year ended December $31,20$x$6,$ Florida Chocolate Inc had the following other assets and liabilities on its balance sheet: Cash $-$ $$825,000,$ Inventory $-$ $$1,250,000,$ Land $-$ $$500,000,$ Buildings & equipment $-$ $$1,500,000,$ Accounts payable $-$ $$500,000,$ Notes payable $-$ $$2,000,000.$ Retained earnings before closing the income statement was $$2,500,000.$

$$ Florida Chocolate Inc. received income from Brazil Co of $$125,000,$ and dividends from Brazil Co of $$50,000.$

$$ Florida Chocolate Inc $\text{'}$s sales for the year were $$3,000,000.$ Cost of goods sold was $$1,900,000,$ and its operating expenses were $$875,000.$

$$ Brazil Co$\text{'}$ sales for the year were $$1,000,000.$ Cost of goods sold was $$650,000,$ and its operating expenses were $$225,000.$

$$ Assume that net income increased Brazil Co$\text{'}$ cash balances. Dividends were paid out of Brazil Co$\text{'}$ cash balances.

$$ Ignore amortization expense. There were no intercompany transactions between Florida Chocolate Inc. and Brazil Co during $20$x$6.$

Due to the huge success of the business she expanded to Europe in $20$x$7,$ opening another factory in England. The recording currency of the England factory is the Euro and the functional currency is the Pound sterling.

In $20$x$9$ Alexandria formed a partnership in Florida with her brother, Nelson. Alexandria and her brother both contributed the following assets:

Alexandria Nelson

Cash $$61,100$ $$50,800$

Inventories $80,9000$

Land $0131,500$

Equipment $101,4000$

The land was subject to a $$51,600$ mortgage, which the partnership assumed on January $1,20$x$9.$ The equipment was subject to an installment note payable that had an unpaid principal amount of $$21,200$ on January $1,20$x$9.$ The partnership also assumed this note payable. Alexandria and Nelson agreed to share partnership income and losses in the following manner:

Alexandria Nelson

Interest on beg. Capital balances $3\%3\%$

Salaries $$13,900$ $$13,900$

Remainder $60\%40\%$

During $20$x$9,$ the following events occurred:

$$ Inventory was acquired at a cost of $$31,400.$ At December $31,20$x$9,$ the partnership owed $$6,300$ to its suppliers.

$$ Principal of $$5,700$ was paid on the mortgage. Interest expense incurred on the mortgage was $$2,000,$ all of which was paid by December $31,20$x$9.$

$$ Principal of $$3,300$ was paid on the installment note. Interest expense incurred on the installment note was $$2,300,$ all of which was paid by December $31,20$x$9.$

$$ Sales on account amounted to $$162,000.$ At December $31,20$x$9,$ customers owed the partnership $$21,900.$

$$ Selling and general expenses, excluding depreciation, amounted to $$34,400.$ At December $31,20$x$9,$ the partnership owed $$7,100$ of accrued expenses. Depreciation expense was $$6,700.$

$$ Each partner withdrew $$230$ each week in anticipation of partnership profits.

$$ The partnership$$sI need