Question
Assume that a foreign operation has the following position at the beginning of the period: $US Assets 500 000 Liabilities 300 000 The foreign operation
Assume that a foreign operation has the following position at the beginning of the period:
$US
Assets
500 000
Liabilities
300 000
The foreign operation has no transactions for the period.The exchange rates for the period are:
Beginning
A$1 = $US0.67
Ending
A$1 = $US0.61
What is the net gain or loss for the period?
A.Gain A$29 362
B.None of the given answers.
C.Gain A$44 043
D.Gain US$29 362
E.Loss A$29 362
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
3rd edition
1119372933, 978-1119372936
