Following information for Questions $5$ and $6$: Periwinkle owns $80\%$ of the common shares of Sunflower

and $40\%$ of the common shares of Jasmine. In addition, Sunflower owns $15\%$ of the common shares of

Jasmine.

Based strictly on its share ownership, which of the following best represents Periwinkle's

relationship to Jasmine?

a$.$ No significant influence

b$.$ Significant influence

c$.$ Joint Control

d$.$ Control

On Periwinkle's separate entity financial statements, what percentage of Jasmine's income would

flow to Periwinkle under the equity method of accounting?

a$.40\%$

b$.52\%$

c$.55\%$

d$.47\%$

In November $2023,$ Daisy Inc. purchased inventory for US $$200,000$ when the exchange rate

was US $$1=CDN$$$1\mathrm{.}25.$ At December $31$ year$-$end, the inventory had a market value of US

$$210,000$ and the exchange rate was US $$1=$ CDN $$1\mathrm{.}18.$ What will be the total gain $($loss$)$ on

this inventory for $2023?$

a$.0$

b$.$ $$2,200$ loss

c$.$ $$14,000$ loss

d$.$ $$12,500$ gain

In which of the following situations is a gain or loss recorded on a commitment asset or liability

which would not otherwise be recorded?

a$)$ a speculative forward contract

b$)$ a fair value of a firm commitment

c$)$ a fair value of a recognized monitory item

d$)$ a cash flow hedge of a forecasted transaction