ACG 4201 help A Guide to career/Snaptutorial ACG 4201 help A Guide to career/Snaptutorial | Page 15

IMPORTANT: To understand and do this work correctly and
adequately, you MUST review and understand chapter 11 in its
entirety, including the examples, illustrations, journal entries, and
REFLECTIONS. Also, you should review Week 11 Learning
Activities practice problems. Specifically, you should review and
understand the section “Basic Translation Process: Functional
Currency to Reporting Currency” starting on page 612 of the book.
Problem 11-3 is divided into two parts. Part 1 is to translate Sorenson
Company’s (the subsidiary) trial into the USD. Part 2 is to prepare the
consolidated financial statements of Pueblo Company and Sorenson
Company. Use the templates provided below. Templates for (A) and
(D) in the worksheet are provided after the “consolidation” template.
Note that these templates MUST be completed before the
“consolidation” template.
Part 1 – Note that the exchange rate as of December 31, 2018 is used
to translate the balance sheet items and the 2018 Average is used to
translate income statement items. For Retained Earnings, use the