The following information pertains to questions
On December 31,2013,Hilman Enterprises of Montreal paid $12,000,000 for 100% of the outstanding shares of Wilsen Corp of the United States.Wilsen's fair values approximated its book values on that date.
Wilsen's comparative balance sheets for 2013 and 2014 are shown below: 
Wilsen paid U.S.$100,000 in dividends on September 30,2014.
The inventories on hand at the end of 2014 were purchased when the exchange rate was
$1U.S.= $1.195 CDN.
For questions 42 through 45 inclusively,assume that Wilsen is considered to be an integrated subsidiary.
-Translate Wilsen's 2014 Income Statement.
Definitions:
Debt-to-Income Ratio
A personal finance measure comparing an individual's debt payments to his or her gross income.
Liabilities
A person’s debts or amount that is owed.
Assets
A person’s property or what is owned.
Entertainment Budget
An allocation of funds set aside specifically for activities or purchases meant for enjoyment or leisure.
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