On January 1,2017,Roswell Systems,a U.S.-based company,purchased a controlling interest in Bern Management Consultants located in Bern,Switzerland.The acquisition was treated as a purchase transaction.The 2017 financial statements stated in Swiss francs are given below.
Required:
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.

Question

On January 1,2017,Roswell Systems,a U.S.-based company,purchased a controlling interest in Bern Management Consultants located in Bern,Switzerland.The acquisition was treated as a purchase transaction.The 2017 financial statements stated in Swiss francs are given below.
   Required:
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.

Quizplus · Accepted Answer

The Answer of On January 1,2017,Roswell Systems,a U.S.-based company,purchased a controlling interest in Bern Management Consultants located in Bern,Switzerland.The acquisition was treated as a purchase transaction.The 2017 financial statements stated in Swiss francs are given below.
   Required:
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.