Please help!

tudent Name: Class: Advanced Accounting Topics Problem: EBA2 Focus: Consolidated Financial Statements with an International Subsidiary Step 1: Translation of Standard's December 31, 2023 trial balat Calculation of Translation Adj Please Retry! Step 2: Adjust Investment for 2023 Equity in Net Income and Other Comprehensive Income Calculation of \\( \\mathrm{F} \\) Calculation of translation adjustment on reva riease neuy: Calculation of translation adjustment on reva Please Retryl Calculation of Equity in Net In tie c Phillips' entry to update the investment for 2023 equity in net income and its share of , Phillips' entry to update the investment for Hint: Remember that the exchang Consolidated Financial Statements, Translated Subsidiary On January 1, 2023, the Phillips Company acquired all of the outstanding shares of Standard, Ltd., a U.K. firm, for \\( 8,000,000 \\) in cash. At the end of 2023, the two companies presented the condensed trial balances below. At date of acquisition, the exchange rate was \\( \\$ 1.45 / \\mathrm{f} \\). Standard's inventory and buildings were undervalued by \\( 100,000 \\) and \\( 500,000 \\), respectively. All of the undervalued inventory was sold during the year, and the buildings are depreciated over a 10-year life, straight-line. Other relevant information is as follows: 1. The exchange rate at the end of 2023 was \\( \\$ 1.40 / \\). The average exchange rate for 2023 was \\( \\$ 1.42 / \\). 2. Goodwill impairment during 2023 was \\( 200,000 \\). 3. Phillips reports its Investment in Standard using the complete equity method. However, neither equity in net income of Standard nor Phillips' share of the translation gain or loss for 2023 has been booked. Intercompany dividends, declared when the exchange rate was \\( \\$ 1.41 / \\), were credited to the investment account. Required Assuming the pound is Standard's functional currency, prepare a consolidated December 31, 2023 balance sheet and a 2023 consolidated statement of comprehensive income for Phillips and Standard. All supporting schedules and computations should be in good form