Exercise 11-05 concord corporation had the following transactions during the current period. mar. 2 issued 3,600 shares of $5 par value common stock to attorneys in payment of a bill for $21,600 for services performed in the company to incorporate. june 12 issued 70,000 shares of $5 par value common stock for cash of $437,500. july 11 issued 1,500 shares of $100 par value preferred stock for cash at $107 per share. nov. 28 purchased 1,800 shares of treasury stock for $72,000. journalize the transactions.

Yang corporation starts a foreign subsidiary on january 1 by investing 20,000 rand. yang owns all of the shares of the subsidiary’s common stock. the foreign subsidiary generates 40,000 rand of net income throughout the year and pays no dividends. the rand is the foreign subsidiary’s functional currency. currency exchange rates for 1 rand are as follows: lo 10-3 january $0.25 = 1 rand average for the 0.28 = 1 december 0.31 = 1 in preparing consolidated financial statements, what translation adjustment will yang report at the end of the current year? a. $400 positive (credit). b. $1,000 positive (credit). c. $1,400 positive (credit). d. $2,400 positive (credit). hoyle, joe ben; hoyle, joe ben. advanced accounting (page 513). mcgraw-hill higher education. kindle edition.