Monty Enterprises,a Subsidiary of Kerry Company Based in Delaware,reported the Following

Multiple Choice

Monty Enterprises,a subsidiary of Kerry Company based in Delaware,reported the following information at the end of its first year of operations (all in British pounds) : assets--483,000; expenses--360,000; liabilities--105,000; capital stock--90,000,revenues--648,000.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) $34,020 debit adjustment
B) $34,020 credit adjustment
C) $11,520 debit adjustment
D) $11,520 credit adjustment