Part $2$:

This week's assignment will be a draft of Part $2$ of the portfolio project. The final version of Part $2$ of the project is due, along with Part $1,$ in their final versions with Part $3$ as the Portfolio Project for this class.

Regarding the England factory, what currency will be used in preparing the year end consolidated financial statements for $20$x$7?$ Explain which method is appropriate to use at year$-$end: translation or remeasurement?

Prepare the journal entries to record the formation of the partnership on January $1,20$x$7,$ and to record the events that occurred in during $20$x$9.$ Prepare the Income Statement and Balance Sheet for the year ended $20$x$7.$