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13. Sharp Company owns a Japanese subsidiary, whose functional currency is the yen. On October 15, 2018, when the rate of exchange was 121 yen
13. Sharp Company owns a Japanese subsidiary, whose functional currency is the yen. On October 15, 2018, when the rate of exchange was 121 yen to $1, the Japanese subsidiary declared and paid a dividend to Sharp of 24,000,000 yen. The dividend represented the net income of the foreign subsidiary for the six exchange rates was 125 yen to $1. The rate of exchange in effect at December 31, 2018, was 135 yen to $1. What rate of exchange should be used to translate the dividend for the December 31, 2018 nancial statements? a. 121 yen to $1 b. 125 yen to $1 c. 135 yen to $1 d. 128 ven to $1
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