T-Mobile 8:28 PM 93% 308 Shames Company is located in London, England. The local currency is the British pound (). On January 1, 20X8, Pit Company purchased an 70 percent interest in Shames for $416,000, which resulted in an excess of cost- over-book value of $80,000 due solely to a trademark having a remaining life of 10 years Pit uses the equity method to account for its investment Shames's December 31, 20X8, trial balance has been translated into U.S. dollars, requiring a translation adjustment debit of $7,200 Shames's net income translated into U.S. dollars is $77,000. It declared and paid a 17,000 dividend on May 1, 20X8 Relevant exchange rates are as follows January 1, 20x8 May 1, 20x8 December 31, 20x8 Average for 20x8 1-1.60 1=1.64 1 1 . 65 Required a. Record the dividend received by Pit from Shames. (If no entry is required for a transaction/event, select "No journal entrv T-Mobile 8:28 PM @ 92% 308 Required: a. Record the dividend received by Pit from Shames. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Prepare the entries to record Pit's equity in the net income of Shames and the parent's share of the translation adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) c. Show a calculation of the differential reported on the consolidated balance sheet of December 31, 20X8, and the translation adjustment from differential. (Amounts to be deducted should be entered with a minus sign. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) akil T-Mobile 8:28 PM 92% 308 c. Show a calculation of the differential reported on the consolidated balance sheet of December 31, 20X8, and the translation adjustment from differential. (Amounts to be deducted should be entered with a minus sign. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) d. Record the amortization of the trademark on Pit's books. (If no entry is required for a transaction/ event, select "No journal entry required" in the first account field.) e. Calculate the amount of the translation adjustment reported on the statement of comprehensive income as an element of other comprehensive income. T-Mobile 8:28 PM 93% 308 Shames Company is located in London, England. The local currency is the British pound (). On January 1, 20X8, Pit Company purchased an 70 percent interest in Shames for $416,000, which resulted in an excess of cost- over-book value of $80,000 due solely to a trademark having a remaining life of 10 years Pit uses the equity method to account for its investment Shames's December 31, 20X8, trial balance has been translated into U.S. dollars, requiring a translation adjustment debit of $7,200 Shames's net income translated into U.S. dollars is $77,000. It declared and paid a 17,000 dividend on May 1, 20X8 Relevant exchange rates are as follows January 1, 20x8 May 1, 20x8 December 31, 20x8 Average for 20x8 1-1.60 1=1.64 1 1 . 65 Required a. Record the dividend received by Pit from Shames. (If no entry is required for a transaction/event, select "No journal entrv T-Mobile 8:28 PM @ 92% 308 Required: a. Record the dividend received by Pit from Shames. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Prepare the entries to record Pit's equity in the net income of Shames and the parent's share of the translation adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) c. Show a calculation of the differential reported on the consolidated balance sheet of December 31, 20X8, and the translation adjustment from differential. (Amounts to be deducted should be entered with a minus sign. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) akil T-Mobile 8:28 PM 92% 308 c. Show a calculation of the differential reported on the consolidated balance sheet of December 31, 20X8, and the translation adjustment from differential. (Amounts to be deducted should be entered with a minus sign. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) d. Record the amortization of the trademark on Pit's books. (If no entry is required for a transaction/ event, select "No journal entry required" in the first account field.) e. Calculate the amount of the translation adjustment reported on the statement of comprehensive income as an element of other comprehensive income