Porpoise Corporation is a large Canadian importer that owns subsidiaries in a number of different countries. Porpoise uses the Canadian Dollar (CAD) as its functional currency, as well as to prepare its financial statements. One of Porpoises subsidiaries is Shark Ltd., a manufacturer located in Baku, Azerbaijan. Shark uses the Azerbaijani Manat (AZN) as its reporting currency. During 2022, approximately 15% of Sharks sales were made directly to Porpoise; the remaining 85% were split roughly evenly between customers in Russia and southeastern Europe. Selling prices for Sharks products were set based on local competition, and all selling prices were denominated in the customers currency, including sales to Porpoise. All of Sharks significant operatin