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please assist! 2. (25 pts) Below is the balance sheet of US Amalgamated and its subsidiary, British Foods, LTD. The subsidiary is ownd 100% by
please assist!
2. (25 pts) Below is the balance sheet of US Amalgamated and its subsidiary, British Foods, LTD. The subsidiary is ownd 100% by US Amalgamated, and their financials are in British pounds sterling. British Foods was purchased January 1, 2024 at book value. Because of light control of the subsidiary, the current rate method is used for translation. You are to translate the subidiary below, then record on US Amalgamated's books the profit and dividends. You are to show the elimination entries and consolidated statements. Lastly, you must prove the cumulative translation adjustment. Record the profit and dividends on the books of Amalgamated here: Prove the cumulative translation adjustment hereStep by Step Solution
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