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Native Corporation, a domestic corporation, holds 100% interest of Imported Corporation, operating in Japan. This ownership interest was acquired when Imported Corporation was initially incorporated.

Native Corporation, a domestic corporation, holds 100% interest of Imported Corporation, operating in Japan. This ownership interest was acquired when Imported Corporation was initially incorporated. The trial balance of Imported Corporation at December 31, 2017 is presented below:

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Items 23 to 24 are based on the following: Native Corporation, a domestic corporation, holds 100% interest of Imported Corporation, operating in Japan. This ownership interest was acquired when Imported Corporation was initially incorporated. The trial balance of Imported Corporation at December 31, 2017 is presented below: Cash Y 40,000.00 Accounts Receivable 20,000.00 Inventory, end 60,000.00 Plant and Equipment - net 100,000.00 Cost of Sales 110,000.00 Depreciation Expense 10,000.00 Other Expenses 50,000.00 Notes Payable Y 60,000.00 Ordinary Shares 100,000.00 Retained Earnings, Beg. 50,000.00 Sates 180,000.00 Total Y 390,000.00 Y 390,000.00 The ordinary shares were issue four years ago when the exchange rate was P0.35. The weighted average exchange rate for 2017 was P0.53. The spot rate for the yen was PO.48 on January 1, 2017 and P0.58 on December 31, 2017. The translated amount of retained earnings, beginning was P22,500.23. How much is the total assets translated in Philippine peso? a. P77,000 b. P105,600 c. P116,600 d. P127,600 24. How much is the translated amount of net income? a. P3,500 b. P4,500 c. P5,300 d. P5,800 25. Which of the following is not a primary indicator of an entity's functional currency? a. The currency that mainly influences the sales prices of goods and services b. The currency of the country whose competitive forces and regulations mainly determine the sales prices of its goods and services C. The currency that mainly influences labor, material, and other costs of providing goods and services d. The currency in which funds from financing activities are generated

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