On January $1,20$X$8,$ Pace Company acquired all of the outstanding stock of Spin PLC$,$ a British Company, for $$350,000.$ Spin's net assets on the date of acquisition were $250,000$ pounds $($E$).$ On January $1,20$X$8,$ the book and fair values of the Spin's identifiable assets and liabilities approximated their fair values except for equipment. The remaining useful life of Spin's equipment at January $1,20$X$8,$ was $10$ years.

During $20$X$8,$ Spin earned $60,000$ pounds in income and declared and paid $10,000$ pounds in dividends. The dividends were declared and paid in pounds on November $1,20$X$8.$

Pace's income from its own operations was $$150,000$ for $20$X$8.$ Pace's total stockholders' equity on January $1,20$X$8$ was $$1,000,000.$ It declared $$50,000$ of dividends during $20$X$8.$ Assume Pace uses the fully adjusted equity method to account for its investment in Spin.

Management has determined that the pound is Spin's appropriate functional currency. Relevant exchange rates were as follows:

January $1,20$X$8$ $$1\mathrm{.}25=1$

November $1,20$X$8$ $$1\mathrm{.}26=1$

December $31,20$X$8$ $$1\mathrm{.}35=1$

Average for $20$X$8$ $$1\mathrm{.}30=1$

Answer the following questions:

$1$ Calculate the translation adjustment from this subsidiary for $20$X$8.$ Be sure to indicate whether it is a debit or credit balance. of $($hint use proof of translation adjustment method$)$

$2$ What amount should Pace record as income from Spin on its book?

$3$ What is the balance of investment in Spin account reported on Pace's book on December $31,20$X$8$ before consolidation?

$4$ Determine the amount of Pace's consolidated net income for $20$X$8.$

$5$ Determine the amount of Pace's consolidated comprehensive income for $20$X$8.$

$6$ Compute Pace's total consolidated stockholders' equity at December $31,20$X$8.$