Florence Enterprises, a subsidiary of Verona Company based in New York, reported the following information at the end of its first year of operations (all in euros): assets--1,320,000; expenses--340,000; liabilities--880,000; capital stock--80,000, revenues--400,000 . Relevant exchange rates are as follows: On date subsidiary stock was purchased ................ $1.50 Average rate for the year
............................. 1.55 At year end ........................................... 1.62 As a result of the translation process, what amount is recorded on the financial statements as the translation adjustment?
a. $25,200 debit adjustment
b. $34,800 debit adjustment
c. $34,800 credit adjustment
d. $25,200 credit adjustment
C
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