Assume that FASB 8 is still in effect instead of FASB 52

PROBLEMS

1. Assume that FASB 8 is still in effect instead of FASB 52.  Construct a consolidated balance sheet for Centralia Corporation and its affiliates after a depreciation of the Spanish peseta from Ptas140.00/$1.00 to Ptas150.00/$1.00 that is the counterpart to Exhibit 14.8 in the text.  Centralia and its affiliates carry inventory and fixed assets on the books at historical values.

2.  Assume that FASB 8 is still in effect instead of FASB 52.  Construct a translation exposure report for Centralia Corporation and its affiliates that is the counterpart to Exhibit 14.7 in the text.  Centralia and its affiliates carry inventory and fixed assets on the books at historical values.