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Question 1 (34 marks) A- On January 1, 2018, Panorama Corporation acquired a 75 percent interest in Scan Corporation for $1,800,000, when Scan's equity consisted of $900,000 capital stock and $300,000 retained earnings. The fair values of Scan's assets and liabilities were equal to book values on this date. Panorama uses the equity method of accounting for Scan. During 2018, Panorama sold inventory items to Scan for $480,000, and at December 31, 2018, Scan's inventory included items on which there were $60,000 unrealized profits. During 2019, Panorama sold inventory items to Scan for $780,000, and at December 31, 2019, Scan's inventory included items on which there were $120,000 unrealized profits. On December 31, 2019, Scan owed Panorama $90,000 on account for merchandise purchases. The financial statements of Panorama and Scan Corporations at and for the year ended December 31, 2019, are summarized as follows (in thousands):Panorama Scan INCOME STATEMENT Sales $3,600 $2,400 Income from Scan 615 Cost of Sales {1,620} (1,260} Operating expenses [370) (240} Net income 1 T25 E 900 Retained Earnings 1K1 $1,095 5 540 Less: Dividends [900} (300} Retained Earnings 12f31 1 920 _;,10 BALANCE SHEET Cash $510 5 180 Accounts Receivables 990 600 Dividends Receivable 90 Inventories 360 480 Land 480 300 Buildingsnet 1,330 600 Equipmentnet 1,200 340 Investment in Scan 2,310 TOTAL ASSETS E? r 320 E3, 000 LIAB. EQUITY accounts Pa able 51 350 S 500 Dividends Payable 420 120 Other Liabilities 930 240 Capital Stock, $10 par 2,?00 900 Ret- Earnings 1,920 1,140 LIAB. E. EQUITY $7,320 $3, ODD Reguired: I 1) Prepare all elimination entries in 2019 (Including the entries not affecting the consolidated Income statement). Show all your calculations. 2) Prepare a workpaper for consolidated income statement only, for the year ended December 31-,- 2019. (Monks) 3326/ THEFinal 2 of5 2019-2020/Summer BAssume that a German corporation imports electronic equipment from USA in a transaction denominated in euro. Is this transaction a foreign currency transaction? A foreign transaction? Explain the di'erence between these two concepts and their application here 45 marks) (3 The unrealized gains and losses from intercompany transactions involving plant assets might be eventually realized. Does it make any difference if these assets are depreciable or non-depreciahle? Explain