Lee Corporation
Exchange Rates
Schedule of Adjusted Amounts Based on CAD $100,000
Date Exchange Rate Foreign Currency
12/31/2004 0.830979
12/31/2005 0.857927 2,694.80
12/31/2006 0.858222 29.50
12/31/2007 1.01204 15,381.80 Necessary Journal Entries to calculate other comprehensive income. Retained Earnings 15,000.00
Deferred Tax 10,000.00 Accumulated Depreciation 25,000.00 Retaind Earnings 21,000.00
Deferred Taxes 14,000.00 Inventory 35,000.00 Investment in Subsidiary 2,694.80 Cumulative Translation Adjustment 2,694.80 Investment in Subsidiary 29.50 Cumulative Translation Adjustment 29.50 Investment in Subsidiary 15,381.80 Cumulative Translation Adjustment 15,381.80
Lee Corporation
Statement of Changes in Stockholder's Equity
For the year ended on December 31, 2007 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings Accumulated Other Comprehensive Income Total Stockholder's Equity
Balance as of January 1, 2007 $500,000.00 $1,000,000.00 $(200,000.00) $225,000.00 $1,525,000.00
Prior Period Adjustments:
Depreciation Error (Net) $(15,000.00) $(15,000.00)
Inventory Methods Change (Net) $(21,000.00) $(21,000.00)
Foreign Currency Translation Adjustment $2,724.30 $2,724.30
Net Income $144,000.00 $144,000.00
Cash Dividends $(100,000.00) $(100,000.00)
Foreign Currency Translation Adjustment $15,381.80 $15,381.80 $500,000.00 $1,000,000.00 $(200,000.00) $233,000.00 $18,106.10
Schedule of Adjusted Amounts Based on CAD $100,000
Date Exchange Rate Foreign Currency
12/31/2004 0.830979
12/31/2005 0.857927 2,694.80
12/31/2006 0.858222 29.50
12/31/2007 1.01204 15,381.80 Necessary Journal Entries to calculate other comprehensive income. Retained Earnings 15,000.00
Deferred Tax 10,000.00 Accumulated Depreciation 25,000.00 Retaind Earnings 21,000.00
Deferred Taxes 14,000.00 Inventory 35,000.00 Investment in Subsidiary 2,694.80 Cumulative Translation Adjustment 2,694.80 Investment in Subsidiary 29.50 Cumulative Translation Adjustment 29.50 Investment in Subsidiary 15,381.80 Cumulative Translation Adjustment 15,381.80
Lee Corporation
Statement of Changes in Stockholder's Equity
For the year ended on December 31, 2007 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings Accumulated Other Comprehensive Income Total Stockholder's Equity
Balance as of January 1, 2007 $500,000.00 $1,000,000.00 $(200,000.00) $225,000.00 $1,525,000.00
Prior Period Adjustments:
Depreciation Error (Net) $(15,000.00) $(15,000.00)
Inventory Methods Change (Net) $(21,000.00) $(21,000.00)
Foreign Currency Translation Adjustment $2,724.30 $2,724.30
Net Income $144,000.00 $144,000.00
Cash Dividends $(100,000.00) $(100,000.00)
Foreign Currency Translation Adjustment $15,381.80 $15,381.80 $500,000.00 $1,000,000.00 $(200,000.00) $233,000.00 $18,106.10