Dundee Company owns 100 percent of a subsidiary located in Ireland. The parent company uses the Euro as the subsidiary's functional currency. At the beginning of the year, the debit balance in the Accumulated Other Comprehensive Income-Translation Adjustment account, which was the only item in accumulated other comprehensive income, was $80,000. The subsidiary's translated trial balance at the end of the year is as follows:

Required:
a. Prepare the subsidiary's income statement, ending in net income, for the year.
b. Prepare the subsidiary's statement of comprehensive income for the year.
c. Prepare a year-end balance sheet for the subsidiary.
d. ASC 220 allows for alternative operating statement displays of the other comprehensive income items. Discuss the major differences between the one-statement format of the income statement and comprehensive income versus the two-statement format of the income statement with a separate statement of comprehensiveincome.

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Debit Credit S 50,000 24,700 60,300 328,000 285,000 140,000 12,000 Receivables Inventories Property, Plant, & Equipment (net) Cost of Sales Operating Expenses (incuding depreciation) Dividends Current Payables Long-Term Payables Capital Stock Retained Earnings (1/1 balance) Sales Accumulated Other Comprehensive Income Translation Adjustment 92,000 16,000 181,000 100,000 135,000 560,000 992,000 $992,000