Note to Instructor: This Exam Item Is a Continuation of Exercise

question 4

Essay

Note to Instructor: This exam item is a continuation of Exercise 3 and proceeds forward with Skillet's second year of operations.
Skillet Corporation,a British subsidiary of Pan Corporation (a U.S.company)was formed by Pan on January 1,2012 in exchange for all of the subsidiary's common stock.Skillet has now ended its second year of operations on December 31,2013.Relevant exchange rates are:
Skillet's adjusted trial balance is presented below for the calendar year 2013.The amount of equity adjustment carried over from 2012 is a credit balance of $41,250 (in dollars).
Required: For Skillet's second year of operations,prepare the:
1.Translation working papers;
2.Translated income statement;and
3.Translated balance sheet.

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Definitions:

Gender Schema

Cognitive structures that allow individuals to process information related to gender, including societal roles, behaviors, and expectations.

Gender-Aschematic

Refers to individuals who do not use gender as a major category for organizing information and making judgments about others, viewing people as individuals rather than through the lens of gender stereotypes.

Rosy

Characterized by a hopeful or optimistic perspective, often without considering possible difficulties.

Superstitious Methods

Practices based on belief in luck, magic, or the supernatural, often without scientific basis.