Please answer with reason for all why the option is correct and why the other options are incorrect Please answer correct otherwise skip it A U.S. company has a subsidiary in the U.K., acquired at a cost in excess of the subsidiary’s book value. The U.S. dollar has steadily strengthened with respect to the pound sterling. The subsidiary’s functional currency is the pound. Which statement is true concerning the effects of consolidation eliminations (R) and (O), recognizing beginning-of-year revaluations and write-offs for the current year? Select one: a. Additional net losses will be reported in other comprehensive income. b. Additional net gains will be reported in net income. c. Additional net losses will be reported in net income. d. Additional net gains will be reported in other comprehensive income.
Please answer with reason for all why the option is correct and why the other options are incorrect
Please answer correct otherwise skip it
A U.S. company has a subsidiary in the U.K., acquired at a cost in excess of the
Select one:
a. Additional net losses will be reported in other comprehensive income.
b. Additional net gains will be reported in net income.
c. Additional net losses will be reported in net income.
d. Additional net gains will be reported in other comprehensive income.
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