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E7.12 Exchange Rate Changes and Return on Assets.Target Corporation has a subsidiary in Sin

gapore, AMC Ltd., whose functional currency is the Singapore dollar. Assumed translated data for the

subsidiary appear below.

Required

a. Calculate return on assets for 2020 and 2021 using both translated ($) and Singapore dollar data.

b. Explain whether translation has distorted the Singapore subsidiarys performance in 2021 compared

with 2020. If so, explain how changes in the exchange rate contributed to the distortion.

Operating Income Exchange Rate Date or Annual Period Total Assets $112,000,000 $12,000,000 January 1, 2020 ................ 2020 Average...... December 31, 2020 2021 Average... December 31, 2021 ..... 95,000,000 $1.20/S$ 1.00/S$ 0.80/S$ 0.70/S$ 0.80/S$ 10,890,000 95,000,000