On January 1 , 2 0 X 8 , Pace Company acquired all of the outstanding stock
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On January X Pace Company acquired all of the outstanding stock of Spin PLC a British Company, for $ Spin's net assets on the date of acquisition were pounds On January X the book and fair values of the Spin's identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and trademarks. The fair value of Spin's property, plant, and equipment exceeded its book value by $ The remaining useful life of Spin's equipment at January was years. The remainder of the differential was attributable to a trademark having an estimated useful life of years. Spin's trial balance on December X in pounds, follows:
The dividends were declared and paid on November X
Exchange rates were as follows:
January
November
December
$
Average for
$
$
$
Required: Prepare a schedule providing a proof of the translation adjustment.
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