Business, 18.12.2019 01:31 kendra95

On december 31, 20x1, hake prepared the following worksheet summarizing the translation of its wholly owned foreign subsidiary's financial statements into dollars. hake had purchased the foreign subsidiary for $324,000 on january 2, 20x1. on that date, the carrying amounts of the subsidiary's assets and liabilities equaled their fair values.
foreign applicable
currency exchange
amounts rates dollars

net assets at
january 2, 20x1
(date of purchase) 720,000 $.45 $324,000
net income, 20x1 250,000 .42 105,000

net assets at
december 31, 20x1 970,000 $429,000

adjusted net assets at
december 31, 20x1 970,000 .40 $388,000

compute the amount of the foreign currency translation adjustment.

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On december 31, 20x1, hake prepared the following worksheet summarizing the translation of its wholl...

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