Seattle, Inc

question 11

Multiple Choice

Seattle, Inc. owns an 80 percent interest in a Portuguese subsidiary. For 20X8, Seattle reported income from operations of $2.0 million. The Portuguese company's income from operations, after foreign currency translation, was $1.1 million. The foreign currency translation adjustment was $120,000 (credit) . Consolidated net income and consolidated comprehensive income for the year are:

• A) Option A
• B) Option B
• C) Option C
• D) Option D

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Definitions:

Postindustrial Societies

Are those in which most workers are employed in the service sector and computers spur substantial increases in the division of labor and productivity. Shortly after World War II, the United States became the first postindustrial society. Gender inequality is reduced in postindustrial societies, partly because so many women are brought into the system of higher education and into the paid labor force. Class inequality increases in some postindustrial societies.

Service Sector

The segment of the economy that provides services rather than goods, including industries like healthcare, education, and finance.

Division of Labor

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

Genetic Engineering

The modification of an organism's characteristics by manipulating its genetic material, often to include traits that do not occur naturally.