ACC545 ACC/545 Lee Corporation Equity Scenario Week 5

Resource: University of Phoenix Material: Lee Corporation Equity Scenario

Review the following Lee Corporation Equity Scenario information.

Prepare journal entries for prior period adjustments and dividends.

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

Go towww.x-rates.com and use the historic lookup feature to determine exchange rates on 12/31/04, 12/31/05, and 12/1/06 and then compute the necessary foreign currency translation adjustments.

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