Florence Enterprises,a Subsidiary of Verona Company Based in New York,reported

Multiple Choice

Florence Enterprises,a subsidiary of Verona Company based in New York,reported the following information at the end of its first year of operations (all in euros) : assets--1,320,000; expenses--340,000; liabilities--880,000; capital stock--80,000,revenues--400,000.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) $25,200 debit adjustment
B) $34,800 debit adjustment
C) $34,800 credit adjustment
D) $25,200 credit adjustment