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You are using currentoncurrent method to translate a Canadian MNC's French subsidiary's balance sheet and income statement, which keeps its books in euro, but that
You are using currentoncurrent method to translate a Canadian MNC's French subsidiary's balance sheet and income statement, which keeps its books in euro, but that is translated into Canadian dollars using the currentoncurrent method. The reporting currency is Canadian dollar. The subsidiary is at the end of its first year of operation. The historical exchange rate is $1.60/1.00, the most recent exchange rate is $1.50/, and the average exchange rate during the period is $1.5484/1.00. Please fill out all the 10 missing entries in the Balance sheet and income statement. Is there a foreign exchange gain or loss using the currentoncurrent method? Long-termdebtCommonstockRetainedearningsTotalL&E1,8002,7009006,600$$$$?4,3201,20010,200 Income Statement Sales Revenue COGS Depreciation Net Operation Income Tax(40%) Profit after tax Foreign Exchange gain (loss) 10,0007,5001,0001,500600900$$$$$$15,484??2,271908? Net income Dividends Addition to Retained Earnings 9000900$$$?01,200
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