US.-based vceguide.com wants to consolidate the U.K. subsidiary accounting and the China subsidiary accounting into the U.S. parent accounting information. Both foreign subsidiaries and the U.S. parent have different currencies and different calendars. Which correctly describes the steps required before transferring balances to the U.S. parent?
A. Run the revaluation process, post the revaluation journal, translate foreign currency, run the Trial Balance Report in the translated currency in the subsidiary set of books, review the Trial Balance to ensure accuracy.
B. Translate the foreign currency, post the translated journal entry, revalue the balance sheet accounts, run the Trial Balance Report in the translated currency in the subsidiary set of books, review the Trial Balance to ensure accuracy.
C. Run the revaluation process, post the revaluation journal, translate the foreign currency, post the translated journal entry, run the Trial Balance Report in the translated currency in the subsidiary set of books. Review the Trial Balance to ensure accuracy.
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