Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gale Co. was formed on January 1, 2021 as a wholly owned foreign subsidiary of a U. S. corp. Gale's functional currency was the stickle

image text in transcribed
Gale Co. was formed on January 1, 2021 as a wholly owned foreign subsidiary of a U. S. corp. Gale's functional currency was the stickle the following transactions and events occurred during 2021:. Jan 1 - Gale issued common stock for 2,000,000 stickle June 30 - gale paid dividends for 50,000 stickle Dec 31 - Gale reported NI of 120,000 for the year Exchange rates for 2021 were: Jan 1- $1 = 0.50 stickles June 30 $1 = 0.47 Stickles Dec 31 $1 -0.44 stickles WA for year $1 = .046 stickles What exchange rate should have been used in translating Gle's revenue and expenses for 2021? a. $1 = 0.50 stickles b. $1 = .046 stickles C. $1 = 0.47 Stickles d. $1 = 0.44 stickles e. $1 = .048 stickles

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Money For Ministerial Leadership Key Practical And Theological Insights

Authors: Nimi Wariboko

1st Edition

1625640129, 9781625640123

More Books

Students also viewed these Accounting questions

Question

Find examples to show that if lim f(x)g(x) lim f(x or lim g[:x

Answered: 1 week ago