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Need the answer to number 3 ONLY Prepare schedule translating the trial balance from British pounds into U.S. dollars. Assume the pound is the functional
Need the answer to number 3 ONLY
Prepare schedule translating the trial balance from British pounds into U.S. dollars. Assume the pound is the functional currency (translation) is the pound. Also, prepare the Statement of Retained earnings. Prepare a worksheet assuming the dollar is the functional currency and the pound is only the recording currency. On December 1, 2014, Scott sold inventory to Nina Inc. for 30.000 pound the payment is due on January 30.2015. To protect asset, he entered into a forward contract to deliver the 30,000 pound and receive US currency. The relevant balances on the relevant dates are: Bennett acquired 80 percent of Zeigler on June 30, 2014, for $1, 040,000 in cash. Based on Ziegler's acquisition-date fair value only one unrecorded intangible of $650,000 was recognized and is being amortized at the rate of $20,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $260,000 at the acquisition date. The 2015 financial statements are as followsStep by Step Solution
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