Yang Corporation starts a foreign subsidiary on January 1 by investing 25,000 rand. Yang owns all of the shares of the subsidiary’s common stock. The foreign subsidiary generates 50,000 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: January 1 $0.25 = 1 rand Average for the year 0.28 = 1 December 31 0.31 = 1 In preparing consolidated financial statements, what translation adjustment will Yang report at the end of the current year?

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)