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    Lee acquired a Canadian subsidiary whose sole asset is a pie

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    Lee acquired a Canadian subsidiary whose sole asset is a piece of land. Lee acquired the subsidiary on 12/31/04 for the exact value of the land, CA$100,000. Lee owns 100% of the subsidiary. Go to www.x-rates.com and use the historic look-up feature to determine exchange rates on 12/31/04, 12/31/05, and 12/31/06.

    · Prepare a statement of changes in owner's equity and accompanying notes appropriate to the section.

    Note. Record the necessary journal entries before attempting to calculate other comprehensive income.

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    Step by step solution for Statement of change in owner's equity for each period ended from 12/31/04 to 12/31/06 along with the appropriate notes and journal entry to calculate other comprehensive income.

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