29 Jun Question 33. Seattle, Inc. owns
Question
33. Seattle, Inc. owns an 80 percent interest in a Portuguese subsidiary. For 2008, Seattle reported income from operations of $2.0 million. The Portuguese company’s income from operations, after foreign currency translation, was $1.1 million. The foreign currency translation adjustment was $120,000 (credit). Consolidated net income and consolidated comprehensive income for the year are:
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A. Option A
B. Option B
C. Option C
D. Option D
34. Refer to the above information. Assuming the local currency of the country in which Perth Company is located is the functional currency, what are the translated amounts for the items below in U.S. dollars?
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A. Option A
B. Option B
C. Option C
D. Option D
35. Refer to the above information. Assuming Perth’s local currency is the functional currency, what is the amount of translation adjustments that result from translating Perth’s trial balance into U.S. dollars at December 31, 2008?
A. $396,500 debit
B. $285,000 credit
C. $405,000 credit
D. $411,000 credit
36. Refer to the above information. Assuming Perth’s local currency is the func
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