Translation of financial statements and consolidation of a foreign subsidiary (no amortization of AAP) Assume that your company owns a subsidiary operating in Great Britain. The subsidiary maintains its books in the British pound (GBP) as its functional currency. The relevant exchange rates for the $US value of the British pound (GBP) are as follows: HINT: For all parts of this problem, use a negative sign with your answers to indicate a reduction. a. Translate the subsidiary's income statement, statement of retained earnings, balance sheet, and statement of cash flows from British subsidiary is $3,901,380 ). ber. b. Compute the ending Cumulative Translation Adjustment directly, assuming a BOY balance of $(185,980). What journal entry did the parent company make as a result of this computation? Round all answers to the nearest whole number. c. Following are selected financial statement accounts for the parent: Assume the following information: The purchase price for the subsidiary included an AAP asset relating to Land that the parent estimated was worth GBP400,000 more than its book value on the subsidiary's balance sheet. Confirm the balance of the Equity Investment account of $5,608,658 on the parent's balance sheet. prepare th