Hi! Please answer and show work when necessary :)

Palermo Incorporated purchased 80 percent of the outstanding stock of Salina Ranching Company, located in Australia, on January 1, 20X3. The purchase price in Australian dollars (A$) was A$200,000, and A$40,000 of the differential was allocated to plant and equipment, which is amortized over a 10-year period. The remainder of the differential was attributable to a patent. Palermo Incorporated amortizes the patent over 10 years. Salina Ranchings trial balance on December 31, 20X3, in Australian dollars is as follows:

	Debits	Credits
Cash	A$ 44,100
Accounts Receivable (net)	72,000
Inventory	86,000
Plant and Equipment	240,000
Accumulated Depreciation		A$ 60,000
Accounts Payable		53,800
Payable to Palermo Incorporated		10,800
Interest Payable		3,000
12% Bonds Payable		100,000
Premium on Bonds		5,700
Common Stock		90,000
Retained Earnings		40,000
Sales		579,000
Cost of Goods Sold	330,000
Depreciation Expense	24,000
Operating Expenses	131,500
Interest Expense	5,700
Dividends Paid	9,000
Total	A$ 942,300	A$ 942,300

Additional Information:

1. Salina Ranching uses average cost for cost of goods sold. Inventory increased by A$20,000 during the year. Purchases were made uniformly during 20X3. The ending inventory was acquired at the average exchange rate for the year.
2. Plant and equipment were acquired as follows:

Date	Cost
January 20X1	A$ 180,000
January 1, 20X3	60,000

1. Plant and equipment are depreciated using the straight-line method and a 10-year life with no residual value.
2. The payable to Palermo is in Australian dollars. Palermos books show a receivable from Salina Ranching of $6,480.
3. The 10-year bonds were issued on July 1, 20X3, for A$106,000. The premium is amortized on a straight-line basis. The interest is paid on April 1 and October 1.
4. The dividends were declared and paid on April 1.
5. Exchange rates were as follows:

January 20X1	A$ 1 = $ 0.93
August 20X1	A$ 1 = $ 0.88
January 1, 20X3	A$ 1 = $ 0.70
April 1, 20X3	A$ 1 = $ 0.67
July 1, 20X3	A$ 1 = $ 0.64
December 31, 20X3	A$ 1 = $ 0.60
20X3 average	A$ 1 = $ 0.65

Required:

b.) Correct the chart

c.) Create the following journal entries:

1. Record the acquisition of the foreign investment.
2. Record the dividend received.
3. Record the equity accrual for the percentage of the subsidiary's income.
4. Record the amortization of the differential.

Prepare a schedule providing a proof of the translation adjustment. Note: Amounts to be deducted should be indicated with a minus sign