Translation of selected accounts and selected elimination entries. Techno Builders has acquired a 70% interest in the equity of a foreign company, Prefabco, whose functional currency is the FC....

Translation of selected accounts and selected elimination entries. Techno Builders has acquired a 70% interest in the equity of a foreign company, Prefabco, whose functional currency is the FC. Although Prefabco began operations in June 2012 when = FC equaled $1.95, Techno did not acquire its interest until March 31, 2013, when FC equaled $2.08. Techno paid 400,000 FC for its interest in Prefabco when the subsidiary’s condensed preclosing trial balance was as follows:

Prepare a schedule to determine the balance in Techno’s account ‘‘Investment in Prefabco’’ as of year-end 2015 and also prepare all of the entries that would be necessary to eliminate the investment account in a worksheet to consolidate the parent company and its subsidiary for the year 2015. Techno uses the simple equity method to account for its interest in the subsidiary.