ADVANCED ACCOUNTING WORKSHEET #3 - DUE TUESDAY, May 3, 2022 BEFORE 11:59 PM On July 15, 2017, Fishing World paid 4 million Canadian dollars (CAD) to purchased 100% of the common stock of Wilderness Fishing, a Canadian firm. The common stock of Wilderness was on the Wilderness books at 3 million CAD on July 15, 2017. Wilderness Fishing continued to operate as a separate company. Wilderness Fishing's functional currency is the Canadian dollars (CAD). On November 1, 2020, Wilderness purchased a building at a cost of 1,000,000 CAD. On June 5, 2021, Wilderness purchased land at a cost of 200,000 CAD. During 2022, Wilderness declared a cash dividend on June 1, 2022 and paid the dividend dividend on July 1, 2022. The dividend was 75,000 CAD. Wilderness Fishing Income Statement Year Ended December 31, 2022 CAD USD Sales 7,000,000 Cost of Goods Sold Gross Profit 5,500,000 1,500,000 Operating Expenses 850,000 Depreciation Expense Loss on Equipment Sale 250,000 50,000 Net Income 350,000 Other information: December 31, 2021 USD RE was $205,000 Dec 31, 2021 Translation Bal = $ 205,200 positive On August 10, 2022, Wilderness sold equipment at a loss of 50,000 CAD July 15, 2017 0.7000 November 1, 2020 0.7500 June 5, 2021 0.8100 Statement of Retained Earnings Beginning RE 260,000 Net Income Dividends 350,000 75,000 Ending RE 535,000