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Multico (a US-based company forms a wholly-owned subsidiary in Italy (Italco) on January 1, 2009. On that date, Multico invests in Italco when the exchange rate was 1.00=1$. At December 31, the balance sheet and the income statement of Italco were as follows: Income Statement () 8,000,000 6,000,000 2,000,000 825,000 Sales Cost of goods sold Gross profit Selling and administrative expenses Depreciation expense: Property Plant & Equipment Depreciation expense: Building Interest expense Income before tax Income tax expense 200,000 20,000 180,000 775,000 275,000 Net income 500,000 Balance Sheet () Cach Accounts receivable Inventory Property, plant & equipment Building Accumulated depreciation Property Plant & Equipment 550,000 600,000 800,000 2,000,000 80,000 (200,000 2,000,000 80,000 (200,000) Building Accumulated depreciation: Property Plant & Equipment Accumulated depreciation: Building Total assets Accounts payable Long-term debt Total liabilities Capital stock Retained earnings (20,000) 3,810,000 310,000 2,000,000 2,310,000 1,000,000 500,000 Total liabilities & capital 3,810,000 Relevant exchange rates were as follows: $ per When property, plant & equipment were purchased Average 0.98 0.95 December 31 0.90 When ending inventory was purchased When building was purchased 0.91 0.97 Requirements: Translate the above statements into $ using a Closing rate method (Current Method) b. Temporal method Closing Temporal RATE USD USD RATE EURO Sales 8,000,000 6,000,000 2,000,000 825,000 Cost of goods sold Gross profit Selling and administrative expenses Depreciation expense: Property Plant & Equipment Depreciation expense: Building Interest expense Income before tax 200,000 20,000 180,000 775,000 Income tax expense 275,000 Net income 500,000 Temporal Accounting Exposure Closing USD RATE EURO RATE USD Cach 550,000 Accounts receivable 600,000 800,000 2,000,000 Inventory Property, plant & equipment Building Accumulated depreciation Property Plant & Equipment 80,000 (200,000) Accounts receivable 600,000 Inventory 800,000 Property, plant & equipment 2,000,000 80,000 Building Accumulated depreciation: Property Plant & Equipment Accumulated depreciation: Building (200,000) (20,000) Total assets 3,810,000 Accounts payable 310,000 Long-term debt 2,000,000 Total liabilities 2,310,000 Capital stock 1,000,000 Retained earnings 500,000 Exchange Rate difference Total liabilities & capital I 3,810,000