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please show work ALL examples in chegg give me the Wrong AMOUNT when I enter my exact values as they do. Rolfe Company (a U.S.-based
please show work ALL examples in chegg give me the Wrong AMOUNT when I enter my exact values as they do.
Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s]): NGN 15,340 10,600 Notes payable Common stock Retained earnings NGN 20,120 20,120 10,060 Cash Inventory Land 4,060 Building Accumulated depreciation 40,600 (20,300) NGN 50,300 NGN 50,300 The subsidiary acquired the inventory on August 1, 2019, and the land and building in 2013. It issued the common stock in 2011. During 2020, the following transactions took place: 2020 Feb. 1 Paid 8,060,000 NGN on the note payable.. May 1 Sold entire inventory for 16,600,000 NGN on account. June 1 Sold land for 6,060,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,060,000 NGN cash. Oct. 1 Bought inventory for 20,060,000 NGN cash. Nov. 1 Bought land for 3,060,000 NGN on account. Dec. 1 Declared and paid 3,060,000 NGN cash dividend to parent. Dec. 31 Recorded depreciation for the entire year of 2,030,000 NGN. The US dollar ($) exchange rates for 1 NGN are as follows: 2011 2013 August 1, 2019 December 31, 2019 NGN 1 $ 0.0054 0.0048 0.0068 0.0070 February 1, 2020 0.0072 May 1, 2020 0.0074 June 1, 2020 0.0076 August 1, 2020 0.0080 September 1, 2020 0.0082 October 1, 2020 0.0084 November 1, 2020 0.0086 December 1, 2020 0.0088 December 31, 2020 0.0096 Average for 2020 0.0086
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