Amex Fabrics owns a subsidiary based in France. ? Required 1. Translate the foreign-currency…

Amex Fabrics owns a subsidiary based in France.

❙ Required

1. Translate the foreign-currency balance sheet of the French subsidiary of Amex Fabrics into dollars. When Amex acquired this subsidiary, the euro was worth $1.17. The current exchange rate is $1.35 per euro. During the period when the subsidiary earned its income, the average exchange rate was $1.26 per euro. (pp. 559–560)

Before you perform the foreign-currency translation calculation, indicate whether Amex Fabrics has experienced a positive or a negative foreign-currency translation adjustment. State whether the adjustment is a gain or loss, and show where it is reported in the financial statements. (pp. 555–556, 559–560)

2. To which company does the translation adjustment “belong”? In which company’s financial statements will the translation adjustment be reported? (pp. 559–560)

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