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Please Provide the total for the areas where I have written SOLVE. Exercise 3 - Foreign Currency Translation OhMyNose Inc. is the 100% owner of

Please Provide the total for the areas where I have written SOLVE.

image text in transcribed Exercise 3 - Foreign Currency Translation OhMyNose Inc. is the 100% owner of a European based subsidiary, BlackEye Inc. BlackEye Inc. was acquired by OhMyNose Inc. on January 1, 2016. Information regarding this acquisition is as follows: Relevant information regarding the books of BlackEye Inc.: Capital Stock January 1st, 2016 Retained Earnings January 1st, 2016 2016 Net Income 150,000 200,000 150,000 Selected exchange rate information is as follows: January 1st, 2016 Spot Rate 1 = $1.35 Full-Year 2016 Average Rate 1 = $1.28 December 31st, 2016 Spot Rate 1 = $1.25 January 1st, 2017 Spot Rate Full-Year 2017 Average Rate December 31st, 2017 Spot Rate 1 = 1 = 1 = $1.24 $1.18 $1.12 Required: Given the following 12/31/2017 trial balance of BlackEye Inc., calculate the translated trial balance and the accumulated translation adjustment by selecting the proper conversion rate for each item in the gray shaded cells using the drop down menu, and then calculate the U.S. $ amount and enter into the gray shaded cells on the right. When correct, the cells will change color. Note: Do not copy formulas down in the U.S. $ Trial Balance column as doing so will overwrite the "change color when right" formatting). Account Trial Balance in Euros Cash 200,000 Accounts Receivable 150,000 Inventory 300,000 Land 25,000 Building (net) 300,000 Equipment (net) 250,000 Patent 100,000 Accounts Payable ( 250,000) Notes Payable ( 400,000) Capital Stock ( 150,000) Retained Earnings ( 200,000) Sales ( 750,000) Cost of Goods Sold 300,000 Other Expenses 125,000 Rate to Convert At U.S. $ Trial Balance 1.12 $224,000 1.12 $168,000 1.12 $336,000 1.12 $28,000 1.12 $336,000 1.12 $280,000 1.12 $112,000 1.12 ($280,000) 1.12 ($448,000) 1.35 ($202,500) N/A SOLVE 1.18 ($885,000) 1.18 $354,000 1.18 $147,500 Accumulated Translation Adj. Total SOLVE N/A SOLVE 0 SOLVE $170,000

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