Business, 08.04.2021 18:10 Emanuelle7843

Elan, a U. S. corporation, completed the December 31, 20X8, foreign currency translation of its 70 percent owned Swiss subsidiary's trial balance using the current rate method. The translation resulted in a debit adjustment of $25,000. The subsidiary had reported net income of 800,000 Swiss francs for 20X8 and paid dividends of 50,000 Swiss francs on September 1, 20X8. The translation rates for the year were: January 1, 20X8 $ 0.55

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Elan, a U. S. corporation, completed the December 31, 20X8, foreign currency translation of its 70 p...