Relevant exchange rates for the Euro for 2020 were as follows: Jan 1- 1.37 Jun 30- 1.40

Oct. 31- 1.42 Dec. 31- 1.45 Average- 1.41

Prepare the proof of the translation adjustment.

On January 1, 2020 Chard Inc. a U.S company accquired 100% of the Knight company, located in Belgium. Chard Paid 30 million euros (30,000,000 EU), which was equal to Knights book and fair value. Knight's balance sheet on January 1, 2020 was a follows (in EU):

Cash: 20,000,000

Accounts Payable: 34,000,000

Accounts Receivable: 35,000,000

Long-term debt: 6,000,000

Plant and Equipment, net: 15,000,000

Common Stock: 10,000,000

Retained Earnings: 20,000,000

Total Assets: 70,000,000

Total Liability and Stock's Equity: 70,000,000

On December 31, 2020, Knight submitted the following trial balance for consolidation (credit balances in paranthesis, in EU):

Cash: 30,000,000

Accounts Receivable: 33,000,000

Plant and Equipment, net: 13,000,000

Accounts Payable: (26,000,000)

Long-Term Debt: (5,000,000)

Common Stock: (10,000,000)

Dividends paid- June 30, 2020: 3,000,000

Retained Earnings: (20,000,000)

Sales: (55,000,000)

Cost of Sales: 28,000,000

Repair- June 30,2020: 6,000,000

Depreciation expense: 2,000,000

Extraordinary expense- October 31, 2020: 1,000,000

Relevant exchange rates for the Euro for 2020 were as follows:

Jan 1: 1.37 Jun 30: 1.40 Oct 31: 1.42

Dec 31: 1.45 Average: 1.41

Prepare a 2020 income statement in U.S dollars showing the translation.

On January 1, 2020 Chard Inca US Company acquired 100% of the Knight Company located in Belgium Chard paid 30 milions (30.000.000 EU) which was equal to Knights book and for Kies balance sheet and 1, 2020 was as follows in EU Cash 20.000.000 Accounts payable 34.000.000 Accounts Receivable 35.000.000 Long debt 5.000.000 Plant and equipment net 15.000.000 Common stock 10.000.000 Ratinad earnings 20.000.000 Total Assets 70.000000 Total Liabilities wid Stock's Euty 70.000000 On December 31, 2020, Knightsberited the following trial balance for comodation (edit ces in per EU) Cash 30,000,000 Accounts receivable 33.000000 Plant and mental 13.000.000 Accounts payable (25.000.000 Long-term 15.000.000 Common stoc (10,000 000) Dividendeld June 30, 2020 3.000.000 129.000.000 195.000.000 20.000.000 June 30, 2020 6.000.000 Depreciation expense 2.100.000 Einary expense-Oaber 1.2020 1.000.000