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

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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 1,2014 in exchange for all of the subsidiary's common stock.Skillet has now ended its second year of operations on December 31,2015.Relevant exchange rates are: 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 1,2014 in exchange for all of the subsidiary's common stock.Skillet has now ended its second year of operations on December 31,2015.Relevant exchange rates are:    Skillet's adjusted trial balance is presented below for the calendar year 2015.The amount of equity adjustment carried over from 2014 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.
Skillet's adjusted trial balance is presented below for the calendar year 2015.The amount of equity adjustment carried over from 2014 is a credit balance of $41,250 (in dollars). 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 1,2014 in exchange for all of the subsidiary's common stock.Skillet has now ended its second year of operations on December 31,2015.Relevant exchange rates are:    Skillet's adjusted trial balance is presented below for the calendar year 2015.The amount of equity adjustment carried over from 2014 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.
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:

Nutrients

The chemical substances in food that are used as components for synthesizing needed materials and/or as energy sources.

Regulatory Proteins

Proteins that control the expression of genes by enhancing or inhibiting the transcription process.

Control Expression

The regulation of gene expression, ensuring that the correct genes are expressed at the right time and place, and in the appropriate amount.

Genes

Segments of DNA located on chromosomes that contain the instructions for the production of proteins.

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