Trying this again, can someone please help solve C and D. The ones with X needs answers. Please help.

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:

BOY rate	$1.42
EOY rate	$1.49
Avg. rate	$1.45
PPE purchase date rate	$1.46
LTD borrowing date rate	$1.46
Dividend rate	$1.47
Historical rate (common stock and APIC)	$1.07

HINT: For all parts of this problem, use a negative sign with your answers to indicate a reduction.

a. Translate the subsidiarys income statement, statement of retained earnings, balance sheet, and statement of cash flows from British pounds (GBP) into $US (assume that the BOY Retained Earnings for the subsidiary is $3,901,380).

Round answers in the "In US Dollars" column to the nearest whole number.

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:

Income statement:			Balance sheet:
Sales	$18,420,000		Assets
Cost of goods sold	(12,894,000)		Cash	$1,888,528
Gross profit	5,526,000		Accounts receivable	2,357,760
Equity income	852,600		Inventory	3,573,480
Operating expenses	(3,499,800)		Equity investment	5,608,658
Net income	$2,878,800		Property, plant, and equipment (PPE), net	19,031,544
				$32,459,970
Statement of retained earnings:
BOY retained earnings	$15,864,000		Liabilities and stockholders equity
Net income	2,878,800		Current liabilities	$1,475,442
Dividends	(634,560)		Long-term liabilities	1,000,000
Ending retained earnings	$18,108,240		Common stock	2,091,380
			APIC	9,722,094
Statement of accum. comp. income:			Retained earnings	18,108,240
BOY cumulative translation adjustment	$(185,980)		Cumulative translation adjustment	62,814
Current-year translation gain (loss)	248,794			$32,459,970
EOY cumulative translation adjustment	$62,814

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 subsidiarys balance sheet. Confirm the balance of the Equity Investment account of $5,608,658 on the parents balance sheet.

BOY Common stock	139,100	0
BOY APIC	171,200	0
BOY Retained earnings	3,901,380	0
BOY AAP	X	0
	0	0	BOY CTA
Equity income	852,600	86,436	Dividends
Current translation adjustment	220,794	0
AAP Translation adjustment (AOCI)	X	0
Balance. X

d. Using your translated subsidiary financial statements from Part a and the parents financial data provided in Part c, prepare the consolidation spreadsheet for the year.

(inGBP)TranslationRateInUSDollars Income Statement: Statement of retained earnings: Balance sheet: Assets Direct computation of translation adjustment: \begin{tabular}{|l|r|r|r|} \hline \multicolumn{1}{c}{ General Journal } & & \\ \hline \multicolumn{1}{c|}{ Description } & Debit & \multicolumn{1}{c|}{ Credit } \\ \hline Equity Investment & & 220,794 & 0 \\ \hline Cumulative Translation Adjustment & & 0 & 220,794 \\ \hline To record the translation adjustment for the year & & \\ \hline \end{tabular}