Campione Manufacturing acquired an 80% interest in DaLuca Distributors, a foreign corporation established on November 1, 2006,
Question:
The above dividends were declared at year-end. DaLucas condensed trial balance in FC as of December 31, 2011, is as follows:
The current-year dividend was declared on November 30, 2011. The FC is DaLucas functional currency, and selected exchange rates between the FC and the dollar are as follows:
1 FC =
November 1,2006.. .. . .. . . .. ... 1.80
June 30, 2008.. .... .. . . . . . .. ... 1.90
Last 6 months of2008average. . .. . 0.92
December 31, 2008. .. . .. . . .. ... 1.94
2009 Average.. .. .. ... . . .. .... . 2.05
December 31, 2011 ... .. . . . . .. . . . 1.93
December 31, 2009 . .. . . .. . . . . .. . $2.07
2010 Average. .. ... . . .. . . . . .. . . . 2.02
December 31, 2010 ... .. . . .. . . . . . 2.00
2011 Average... .. . . . . . .. . . . . .. . 1.95
November 30, 2011. . . . . .. . . . . .. . 1.94
Required
Prepare the translated trial balance for DaLuca and prepare all of the elimination and adjusting entries necessary to prepare consolidated financial statements. Assume that Campione uses the simple equity method.
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Step by Step Answer:
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng