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WXYZ Inc. has a single wholly owned American subsidiary called US1 based in California, which was acquired January 1, 2020. US1 submitted its financial statements

WXYZ Inc. has a single wholly owned American subsidiary called US1 based in California, which was acquired January 1, 2020. US1 submitted its financial statements for 2020 to WXYZ. Selected exchange rates in effect throughout 2020 are shown below: January 1, 2020: US $1 = CDN $0.816 December 31, 2020: US $1 = CDN $0.8175 Average for 2020: US $1 = CDN $0.825 Date of Purchase of

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