Monty Enterprises,a Subsidiary of Kerry Company Based in Delaware,reported the Following

question 30

Multiple Choice

Monty Enterprises,a subsidiary of Kerry Company based in Delaware,reported the following information at the end of its first year of operations (all in British pounds) : assets--483,000; expenses--360,000; liabilities--105,000; capital stock--90,000,revenues--648,000.Relevant exchange rates are as follows:

As a result of the translation process,what amount is recorded on the financial statements as the translation adjustment?

• A)$34,020 debit adjustment
• B)$34,020 credit adjustment
• C)$11,520 debit adjustment
• D)$11,520 credit adjustment

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Definitions:

Painted Surfaces

Any material or object coated with pigment or paint, often for protective or aesthetic purposes.

Exemption Clause

A contractual term that limits or excludes one party's liability for certain breaches or situations.

Sale of Goods Act

Legislation governing the sale of goods, providing rights to buyers and obligations to sellers, focusing on elements like product conformity and transactional fairness.

Fundamental Breach

A breach of a fundamental aspect of the contract that is not covered by an exclusion clause; a breach that goes to the very root of the contract.