Ch12 HV x Homework Help - Q& X C Shames Company Is | x C Prince Corporation He x C Prince Corporation He x C Prince Corporation Ho x + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.njcu.edu%252Fwebapps%252Fblackboard... uTube G Google mil Bahishti Zewar Urd... ID PAK IDENTITY QuickBooks Time ::... Discord TaxAct Online 1120 Class Advanced Acc. > Other book h12 HW Saved Help Save & Exit Check my 2 Shames Company is located in London, England. The local currency is the British pound (). On January 1, 20X8, Pit Company purchased an 80 percent interest in Shames for $417,000, which resulted in an excess of cost-over-book value of $80,000 due solely to a trademark having a remaining life of 10 years. Pit uses the equity method to account for its investment. oints Shames's December 31, 20X8, trial balance has been translated into U.S. dollars, requiring a translation adjustment debit of $6,800. Shames's net income translated into U.S. dollars is $66,000. It declared and paid a $22,000 dividend on May 1, 20X8. Skipped Relevant exchange rates are as follows: E $ eBook January 1, 20X8 1 = 1.60 May 1, 20X8 1 =1.64 Print December 31, 20X8 1 =1.65 Average for 20X8 1 =1.63 References Required: a. Record the dividend received by Pit from Shames. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Mc Graw Hill Type here to search O 48OF