ty

2. (25 pts) Below is the balance sheet of US Amalgamated and its subsidiary, British Foods, LTD. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{3}{*}{ Sales } & \multirow{3}{*}{} & \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{l} Dec 31, 2024 \\ US Amalga. \end{tabular}}} & \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{|l|} Dec 31, 2024 \\ British Foods \\ \end{tabular}}} & \multirow{2}{*}{\begin{tabular}{l} Translated \\ British Foods \\ \end{tabular}} & \multicolumn{2}{|c|}{ Elimination Entries } & \multirow[b]{2}{*}{ Consolidated } \\ \hline & & & & & & & Dr. & Cr. & \\ \hline & & $ & 400,000 & f & 250,000 & & & & \\ \hline \multicolumn{2}{|c|}{ Expenses using funds } & & 100,000 & & 80,000 & & & & \\ \hline \multicolumn{2}{|c|}{ Depreciation } & & 100,000 & & 20,000 & & & & \\ \hline \multicolumn{10}{|c|}{ Income from Subsidiary } \\ \hline \multicolumn{2}{|c|}{ Net Income } & & & f & 150,000 & & & & \\ \hline & & & & & & & & & \\ \hline \multicolumn{2}{|c|}{ RE Jan 1, 2024} & $ & 700,000 & f & 300,000 & & & & \\ \hline Dividends & & & 5,000 & f & 50,000 & & & & \\ \hline \multicolumn{2}{|c|}{ RE Dec 31, 2024} & & & f & 400,000 & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline Cash & & $ & 100,000 & f & 100,000 & & & & \\ \hline \multicolumn{2}{|c|}{ Receivables } & & 200,000 & & 150,000 & & & & \\ \hline \multicolumn{2}{|c|}{ Property (net) } & & 500,000 & & 400,000 & & & & \\ \hline & & & & & & & & & \\ \hline \multicolumn{10}{|c|}{ Investment in BF } \\ \hline \multicolumn{2}{|c|}{ Total Assets } & & & f & 650,000 & & & & \\ \hline & & & & & & & & & \\ \hline Payables & & $ & 76,000 & f & 50,000 & & & & \\ \hline \multicolumn{2}{|c|}{ Common Stock } & & 500,000 & & 200,000 & & & & \\ \hline \multicolumn{10}{|c|}{ Translation Adjustment } \\ \hline \multirow{2}{*}{\multicolumn{4}{|c|}{ Retained Earnings, Dec 31}} & & 400,000 & & & & \\ \hline \multirow{2}{*}{\multicolumn{2}{|c|}{ Total Liab and Equity }} & & & & 650,000 & & & & \\ \hline & & & & & & & & & \\ \hline \multicolumn{7}{|c|}{ British foods was purchased on Jan 1, 2024 at book value when net assets were } & 500,000 & & \\ \hline \multicolumn{10}{|c|}{ The cost was $750,000, as the exchange rate was $1.50 per 1.0 British pound sterling. } \\ \hline \multicolumn{6}{|c|}{ On that date, British Foods had net monetary assets of } & 80,000 & & & \\ \hline \multicolumn{8}{|c|}{ The exchange rate on December 31,2024 is $1.40 per 1.0 British pound sterling, and the average rate } & & \\ \hline \multicolumn{10}{|c|}{ for the year was $1.45 per 1.0 Bristish pound sterling. The dividend was paid at $1.42 per 1.0 British pound sterling. } \\ \hline \end{tabular}