See the attached photos and answer the questions just like the formart in the photo. All the filled cells are correct. Please fill the blank ones. Thank you.
Following are the financial statements of Malkin Inc., of Russia, as at December 31, Year 11: FINANCIAL STATEMENTS BALANCE SHEET At December 31, Year 11 Cash RUB 106, 000 Accounts receivable 167, 000 Inventories-at cost 357, 000 Land 430, 000 Buildings 1, 460, 000 Accumulated depreciation 511, 000 949, 000 Equipment 483, 000 Accumulated depreciation 168, 000 315, 000 RUB 2, 324, 000 Accounts payable RUB 210, 000 Miscellaneous payables 114, 000 Bonds payable 500, 000 Common shares 850, 000 Retained earnings 650, 000 RUB 2, 324, 000 RETAINED EARNINGS STATEMENT Balance, January 1 RUB 470, 000 Net income 630, 000 1, 100, 000 Dividends 450, 000 Balance, December 31 RUB 650, 000INCOME STATEMENT Sales RUB 3, 150, 000 Cost of sales 1, 680, 000 Other expenses 840, 000 2, 520, 000 Net Income RUB 630, 000 Additional Information . On January 1, Year 11, Crichton Corporation of Toronto acquired 40% of Malkin's common shares for RUB800,000. . Relevant exchange rates for the Russian ruble (RUB) were as follows: Jan. 1, Year 11 $1 = RUB28. 00 Dec. 31, Year 11 $1 = RUB28. 02 Average for Year 11 $1 = RUB27. 90 . The land and buildings were purchased in Year 5 when the exchange rate was RUB26.50. . During Year 11, equipment costing RUB125,000 was purchased for cash. Depreciation totalling RUB25,000 has been recorded on this equipment. The exchange rate on the date of the equipment purchase was RUB28.18. The remaining equipment was purchased in Year 9 when the exchange rate was RUB2717. No other changes have taken place since that date. Depreciation on the buildings of RUB73,000 and depreciation of RUB63,000 on all the equipment are included in other expenses.. The December 31, Year 11, inventory was acquired during the last quarter of the year, when the average exchange rate was RUB28.04. . On January 1, Year 11, the inventory was RUB525,000 and was acquired when the average exchange rate was RUB28.27. . The bonds were issued on January 1, Year 7 when the exchange rate was RUB26.80 and mature on December 31, Year 16. . Other operating expenses were incurred equally throughout the year. . Dividends were declared and paid on December 31, Year 11. . On January 1, Year 11, liabilities were greater than monetary assets by the amount of RUB910,000. . The common shares were issued in Year 1 when the exchange rate was RUB25.00. Required: (a) Assume that Malkin's functional currency is the Canadian dollar. Translate the financial statements into Canadian dollars for purposes of using the equity method to account for the associate. (Negative amounts and deductions should be indicated by a minus sign. Round the "Rate" to 2 decimal places and "Dollars" to nearest whole number. Input all the other amounts as positive values. Omit $ sign in your response.) Income Statement - Year 11 RUB Rate Dollars Sales 3, 150, 000 Cost of sales 1, 680, 000 Depreciation - building 73, 000 28 - equipment 63, 000 Other expenses 704, 000 Exchange gain 2, 520, 000 Net income 630, 000Retained Earnings Statement - Year 11 RUB Rate Dollars Balance Jan. 1 470, 000 28 16786 Net Income 630, 000 1, 100, 000 Dividends 450, 000 Balance Dec. 31 650, 000 Balance Sheet - December 31, Year 11 RUE Rate Dollars Cash 106, 000 Accounts receivable 167, 000 Inventories 357, 000 28.04 12732 Land 430, 000 28 15357 Buildings 1, 460, 000 28.00 52143 Accumulated depreciation (511, 000) 28 Equipment 483, 000 17222 Accumulated depreciation (168, 000) 5994 2, 324, 000 Accounts payable 210, 000 Miscellaneous payables 114, 000 Bonds payable 500, 000 Common shares 850, 000 28 30357 Retained earnings 650, 000 2, 324, 000(b) Assume that Malkin's functional currency is the Russian ruble. Translate the balance sheet only into Canadian dollars for equity- method purposes. (Negative amounts and deductions should be indicated by a minus sign. Round the "Rate" to 2 decimal places and "Dollars" to nearest whole number. Input all the other amounts as positive values. Omit $ sign in your response.) Balance Sheet - December 31, Year 11 RUB Rate Dollars Cash 106, 000 Accounts receivable 167, 000 Inventories 357, 000 Land 430, 000 Buildings 1, 460, 000 Accumulated depreciation (511, 000) Equipment 483, 000 Accumulated depreciation (168, 000) 2, 324, 000 Accounts payable 210, 000 Miscellaneous payables 114, 000 Bonds payable 500, 000 Shareholders equity Common shares 850, 000 28 30357 Retained earnings 650, 000 Accumulated foreign exchange adjustments (loss) 2, 324, 000
