Complete an income statement and balance sheet for part a

a.

	Debits	Credits
Cash	$12,960
Accounts receivable	14,580
Equipment	4,860
Accumulated depreciation		972
Land	8,100
Accounts payable		4,860
Notes payable		8,100
Common stock		17,100
Dividends declared	6,640
Sales		41,000
Salary expense	8,200
Depreciation expense	984
Miscellaneous expense	14,760
	$71,084	$72,032
Translation adjustment	948
	$72,032	$72,032

Complete an income statement and balance sheet for part b

b.

	Debits	Credits
Cash	$12,960
Accounts receivable	14,580
Equipment	5,130
Accumulated depreciation		1,026
Land	7,950
Accounts payable		4,860
Notes payable		8,100
Common stock		17,100
Dividends declared	6,640
Sales		41,000
Salary expense	8,200
Depreciation expense	1,026
Miscellaneous expense	14,760
	$71,246	72,086
Remeasurement loss	840
	$72,086	$72,086