On January 1 2014 Trenten Systems a U S based company

purchased #6386
On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlling interest
in Grant Management Consultants located in Zurich, Switzerland. The acquisition was treated
as a purchase transaction. The 2014 financial statements stated in Swiss francs are given
below.Direct exchange rates for Swiss franc are:Dollars per FrancJanuary 1, 2014
......................................... $.5987December 31, 2014 .................................... .5321Average for
2014 ...................................... .5654Dividend declaration and payment date ...........
.5810Required:A. Translate the year-end balance sheet and income statement of the foreign
subsidiary using the current rate method of translation.B. Prepare a schedule to verify the
translation adjustment.View Solution:
On January 1 2014 Trenten Systems a U S based company purchased

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