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Churchill Enterprises, a Subsidiary of Roosevelt Company Based in New

Question 57

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Churchill Enterprises, a subsidiary of Roosevelt Company based in New York, reported the following information at the end of its first year of operations (all in British pounds) : assets--338,000; expenses--360,000; liabilities--101,000; capital stock--80;000, revenues--517,000. Relevant exchange rates are as follows:
Churchill Enterprises, a subsidiary of Roosevelt Company based in New York, reported the following information at the end of its first year of operations (all in British pounds) : assets--338,000; expenses--360,000; liabilities--101,000; capital stock--80;000, revenues--517,000. Relevant exchange rates are as follows: As a result of the translation process, what amount is recorded on the financial statements as the translation adjustment? A) $26,280 debit adjustment B) $26,280 credit adjustment C) $6,280 credit adjustment D) $6,280 debit adjustment
As a result of the translation process, what amount is recorded on the financial statements as the translation adjustment?


A) $26,280 debit adjustment
B) $26,280 credit adjustment
C) $6,280 credit adjustment
D) $6,280 debit adjustment

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