Question is the REQUIRED:

CASE MATERIAL The audit of Almax Company and its subsidiaries for the year ended June 30, 2020 was completed and the trial balance on the attached spreadsheet was prepared. Ruster is a domestic subsidiary and Voiles is a foreign subsidiary located in Montral France. Voiles conducts all of its transactions in Canadian Dollars, which constitute its functional currency. (1) Almax Company acquired 400,000 shares of Ruster Company common stock for $34,000,000 on 7/1/17. Any excess of purchase price over underlying book value was attributed 50% to property, plant and equipment with a 10-year life and 50% to goodwill. (2) Almax Company acquired all of Voiles Company's 800,000 shares of stock on 7/1/17 for $65,000,000. Any excess of purchase price over underlying book value was attributed 50% to property, plant and equipment with a 10- year life and 50% to goodwill. as follows. (3) Condensed balance sheets of Ruster and Voiles on 7/1/17 and 7/1/18 in U.S. dollars were to noiselenten oil love) Ruster Company Voiles Company 7/1/19 7/1/17 7/1/19 7/1/17 Current Assets 38,500,000 35,500,000 20,500,000 28,000,000 Property & Equipment 51,300,000 47,500,000 62,300,800 61,300,000 Current Liabilities samtol ing 12,500,000 10,000,000 10,500,000 9,500,000 Bonds Payable 20,000,000 20,000,000 Common Stock ($50 par) 25,000,000 25,000,000 40,000,000 40,000,000 Retained Earnings 20,000,000 15,000,000 12,500,000 20,000,000 (4) Total dividends declared and paid during the 2019-2020 fiscal year were as follows: Almax Company 2,400,000 Ruster Company 2,500,000 Voiles Company 800,000 (Pd 10/24/19 - US Dollars) In addition to dividend payments, Almax Company and Ruster Company each declared dividends of $1 per share payable in July 2019. (5) On December 31, 2019 Almax sold equipment with a book value of $800,000 to Ruster for $1,000,000. Ruster depreciates equipment on the straight-line method over 10 years. (6) Almax Company consistently sells to its subsidiaries at prices that realize a gross profit of 25% on sales. Ruster and Voiles companies sell to each other and to Almax Company at cost. Prior to fiscal 2020 intercompany sales were negligible, but during 2019-2020 the following sales were made (in US Dollars).Total Included on Sales Purchasers Inventory li bre vasgine at 6/30/20 Almax Company to Ruster Company sibiads 17,200,000 someled 2,000,000 baisigmoo Almax Company to Voiles Company Ruster Company to Voiles Company 16,000,000 4,000,000 Ruster Company to Almax Company 2,500,000 500,000 Ha sloubnoo 2,800,000 ON beritipos 800,000 grivhobnu rovo song selling to segozy 25mIA () (7) At 6/30/20 VRA THIS no 000,200, Bee Almax Company owed Ruster Company a bos 2,400,000 Ruster Company owned Voiles Company 1,600,000 Voiles Company owed Almax Company 1,200,000 gnagmo) xemlA (S) REQUIRED: In81\\ \\Y bas MINI\\Ino coltoy bus isreall do moode posted boanobno () Prepare excel spreadsheets for the translation of the foreign subsidiary to U.S. dollars and the consolidation of all three companies. Your spreadsheets should make extensive use of formulas which automatically make calculations. Supporting schedules (such as intercompany profit schedules and purchase price allocations) should be shown on your spreadsheets and automatically carried into your solution. Note:: When doing the consolidation do it in financial statement format not trial balance format. 000.090,08 090.000 08 060 000.08 060, 060 OF 000 090 as 090 000 75 006,000,05 060,008:SC 100,000,25 000.006 09 tewollol as sass user Ized 0805-Gift ent guimb bisq bas boulosb abasbrib isnot () 090.00MS (exellod ? Or\\est or By 060,008 aquariahog be to ebashivibAlmax Company and Subsidiaries Trial Balances June 30, 2020 Almax Ruster Voiles Company Company Company (U.S. $) ($ U.S. ) ($ Canadian) Cash 8,800,000 14,150,000 10,400,000 Accounts Receivable 10,600,000 14,670,000 13,812,000 Dividends Receivable 400,000 Inventories 13, 750,000 16,300,000 18,300,000 Investment in Ruster 34,000,000 0 Investment in Voiles 65,000,000 0 0 Investment in 6% Ruster Bonds 15,000,000 0 0 Property Plant & Equipment 63,900,000 56,600,000 88,500,000 Accumulated Depreciation (40,200,000) (22,500,000) (51,115,000) Accounts Payable (20,800,000) (10,640,000) 10,230,000) Dividends Payable (1,200,000) (500,000) 10 Bonds Payable 55,000,000) (20,000,000) 0 Capital Stock ($50 Par) 60,000,000) (25,000,000) (50,000,000) Dividends 3,600,000 3,000,000 1,000,000 Retained Earnings (7/1/19) (31,420,000) (20,000,000) 16,667,000) Sales (294,850,000) (155,000,000) (230,000,000) Gain on Sale of Equipment (200,000) 0 0 Interest Income (900,000) 0 0 Dividend Income (3,200,000) 0 Cost of Goods Sold 250,000,000 119,160,000 189,000,000 Operating Expenses 41,100,000 28,000,000 37,000,000 Interest Expense 1,620,000 1,760,000 0 10 0