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Question #23-25: Financial statements for Argo Company were restated from local GAAP to U.S. GAAP:...

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Question #23-25: Financial statements for Argo Company were restated from local GAAP to U.S. GAAP: ARGO COMPANY Worksheet for Restatement of Income and Retained Earnings to U.S. GAAP for Year Ended Dec. 31, 2015 Millions of Crowns (hypothetical currency) Local GAAP US.GAAP 9,148 (4.994) 4,154 ( 350) 3,804 156) 9,148 (5163) 3,985 ( 453) 3,532 156) 132 3,508 1052) 2.456 4,276 ( 340) 6,392 Cost of goods sold Operating income Other income (expense), net 3,607 1081) 2,526 4,244 Retained earnings. Jan. 1 Retained earnings, Dec. 31 6,770

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