1. The U.S. dollar has been steadily strengthening with respect to the Singapore dollar. A U.S. parent has a Singapore subsidiary. Which statement is most likely to be true concerning the subsidiary's operating profit (excluding remeasurement gain or loss) as a percentage of average assets? (Use T to represent translated leverage, R to represent remeasured leverage, and L to represent leverage calculated using local currency balances.)

   	A.	L = T > R
   	B.	R > T = L
   	C.	R > L > T
   	D.	R > T > L

2. A subsidiary has a 20% noncontrolling interest. At the date of acquisition, eliminating entry (E) recognizes what part of the noncontrolling interest?

   	A.	The noncontrolling interest's share of the subsidiary's book value
   	B.	The fair value of the noncontrolling interest
   	C.	The noncontrolling interest's share of the revaluations of the subsidiary's identifiable net assets
   	D.	The noncontrolling interest's share of the subsidiary's fair value

3. Pivot pays $25,000,000 for all the voting stock of Sand. Sand's equity accounts consist of capital stock of $2,000,000, retained earnings of $1,500,000, and accumulated other comprehensive income of $100,000. If Sand uses pushdown accounting, it credits Pushdown Capital in the amount of

   	A.	$24,500,000
   	B.	$23,000,000
   	C.	$24,600,000
   	D.	$21,400,000