ACCOUNTING A416/ACG40 Entries to record transactions—Debit (Credit):

Problem 11-1-1 Entries to record transactions—Debit (Credit):In FCAAccount TitlesDebitCreditTrial balance:Trial Balance:In FCADebitCreditRateDR (CR)FCB/FCAIn FCBReceivable…………………..Inventory………………Land…………………..Common Stock…………Sales……………………Cost of Sales……………….Exchange (Gain) or Loss………….Remeasurement (Gain) or Loss………..Translation Adjustment………………Total……………..…………….Net Income…………….-2 Remeasurement and translation of trial balance:DR (CR)Trial Balance:Receivable…………………..In FCAInventory………………Land…………………..Common Stock…………Sales……………………Cost of Sales……………….Exchange Gain………….Remeasurement Loss……….….Translation Adjustment…….Total………………….Net Income (Loss)…………….-3 Translation adjustment traceable to the current year:-4In FCBDebitCreditIn FCBDebitCreditRateDR (CR_U.S.$/FCBIn U.S.$YearA12345678910111213141516171819202122232425262728293031BCDProblem 11-3Sorenson CompanyTrial Balance Translation31-Dec-18AccountCashAccounts ReceivableInventoryFixed AssetsAccumulated DepreciationAccounts PayableLong-Term DebtCommon StockPaid-In Capital in Excess of ParRetained Earnings, January 1, 20X8SalesCost of Goods SoldOperating ExpensesCumulative Translation AdjustmentTotalsRelevantExchangeRateBalancein FC2,840,0003,990,0005,800,00015,000,000(6,800,000)(1,580,000)(5,000,000)(3,000,000)(2,000,000)(7,950,000)(10,000,000)7,500,0001,200,000Translate the balance of Retained Earnings below:0Balancein DollarsEFGHIA32333435363738394041424344454647484950515253545556575859606162636465666768BCDEFGHIPueblo Corporation and Sorenson CompanyWorksheet for Consolidated Financial Statements (in dollars)For Year Ended December 31, 2018ConsolidatedPuebloCashAccounts ReceivableInventoryInvestment in SorensonFixed AssetsAccumulated DepreciationAdditional EquipmentAccounts PayableLong-Term DebtCommon Stock – ParentCommon Stock – SubsidiaryPaid-In Capital in Excess of Par- ParentPaid-In Capital in Excess of Par – SubsidiaryRetained Earnings, 1/1/18- ParentRetained Earnings, 1/1/18 SubsidiarySalesCost of Goods SoldOperating ExpensesSubsidiary IncomeTotalTrial BalanceSorenson4,050,0005,270,0005,540,00020,969,000KeyEliminations and AdjustmentsDr.KeyIncomeCr. Statement21,000,000(12,560,000)(3,450,000)(10,000,000)(4,000,000)(6,500,000)(12,180,000)(26,000,000)16,380,0003,210,000(1,729,000)0000ConsolidatedBalanceSheetA69 Consolidated Net Income707172 Eliminations and Adjustments:7374757677787980818283848586878889909192939495969798BCDEFGHI00