Paskin Corporation's wholly-owned Canadian subsidiary has a Canadian dollar functional currency. In translating the subsidiary's account balances into U.S. dollars for reporting purposes, which one of the following accounts would be translated at historical exchange rates? a. Notes Payable O b. Capital Stock c. Accounts Receivable: d. Retained Earnings Firms must conduct impairment tests more frequently than annually when a. a specific unit does not have publicly traded stock. O b. using the equity method. c. a "more likely than not" expectation exists that a reporting unit will be sold or disposed of. d. other shareholders hold more than 50% interest. Pental Corporation bought 90% of Sedacor Company's common stock at its book value of $400,000 on January 1, 2014. During 2014, Sedacor reported net income of $130,000 and paid dividends of $40,000. At what amount should Pental's Investment in Sedacor account be reported on December 31, 2014? a. $481,000 Ob. $530,000 Oc. $400,000 O d. $490,000 Which of the following statements is true regarding forward contracts, futures contracts, options and swaps? a. A futures contract is negotiated between two parties who are betting in the opposite direction on the movement of the underlying price. b. A swap is a contract between two parties to exchange an ongoing stream of cash flows. Oc. A forward contract can be purchased on the open market and is recorded at its historical cost, then adjusted for changes in the market. d. An option is a contract requiring the holder to either "put" or "call" an underlying asset at a specified point in time.