March 1 2006 1£=$1.20
December 31 2007 1£=$1.25
January 1 2008 1£=$1.25
November 1 2008 1£=$1.26
December 26 2008 1£= $1.31
December 31 2008 1£= $1.35
Average for 2008 1£= $1.30
Chapter 12 - Multinational Accounting: Issues in Financial Reporting and Translation of Foreign Entity Statements Required: 2) Assume that Pace uses the "fully adjusted" equity method. Record all journal entries that relate to its investment in the British subsidiary during 2008. Provide the necessary documentation and support for the amounts in the journal entries, including a schedule of the translation adjustment related to the differential. 3) Prepare a schedule that determines Pace's consolidated comprehensive income for 2008.
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