Windsor Enterprises,a Subsidiary of Kennedy Company Based in New York,reported

Multiple Choice

Windsor Enterprises,a subsidiary of Kennedy 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