i need the answer quickly Oliver Corporation decided on January 1, 2023, that its Canadian subsidiary's functional currency is the Canadian dollar rather than the U.S. dollar. On that date, the net assets of its Canadian subsidiary amountedto C$20,000,000 and to $11,000,000 when remeasured; the exchange rate was $0.75/C$. During 2023, the Canadian subsidiary reported net income of C$2,500,000 and declared and paid dividends ofC$1,000,000. No other changes in owners' equity occurred.RequiredCalculate the translation gain or loss for 2023, and the cumulative translation gain or loss at December 31, 2023. Relevant exchange rates were $0.78/C$ (average); $0.77/C$ (dividend declaration date); $0.79/C$(December 31, 2023).Instructions for Translation Gain or Loss table:1. Use negative signs with answers to indicate a negative exposed position balance.2. Use negative signs with answers to indicate an amount that reduces the exposed position balance.3. Using the drop-down menu, select the appropriate answer to indicate a translation gain or loss and a cumulative translation gain or loss.4. Do not use a negative sign with your translation gain or loss and cumulative gain or loss answers.5. Enter answers using all zeros (do not abbreviate to millions or thousands).C$S/C$$Exposed position, beginning C$00 $0Net income000Dividends0000Exposed position, endingC$000$0$0

The rate at which one country’s currency can be converted into another country’s currency referred…

Oliver Corporation decided on January 1, 2023, that its Canadian subsidiary's functional currency is the Canadian dollar rather than the U.S. dollar. On that date, the net assets of its Canadian subsi to C$20,000,000 and to $11,000,000 when remeasured; the exchange rate was $0.75/C$. During 2023, the Canadian subsidiary reported net income of C$2,500,000 and declared and paid dividends C$1,000,000. No other changes in owners' equity occurred. Required Calculate the translation gain or loss for 2023, and the cumulative translation gain or loss at December 31, 2023. Relevant exchange rates were $0.78/C$ (average); $0.77/C$ (dividend declaration da (December 31, 2023). Instructions for Translation Gain or Loss table:

Oliver Corporation decided on January 1, 2023, that its Canadian subsidiary's functional currency is the Canadian dollar rather than the U.S. dollar. On that date, the net assets of its Canadian subsi to C$20,000,000 and to $11,000,000 when remeasured; the exchange rate was $0.75/C$. During 2023, the Canadian subsidiary reported net income of C$2,500,000 and declared and paid dividends C$1,000,000. No other changes in owners' equity occurred. Required Calculate the translation gain or loss for 2023, and the cumulative translation gain or loss at December 31, 2023. Relevant exchange rates were $0.78/C$ (average); $0.77/C$ (dividend declaration da (December 31, 2023). Instructions for Translation Gain or Loss table:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Newberry, Inc., whose reporting currency is the U.S. dollar ($), has a subsidiary in Argentina, whose functional currency also is the $. The subsidiary acquires inventory on credit on November 1, 2017, for 100,000 pesos that is sold on January 17, 2018, for 130,000 pesos. The subsidiary pays for the inventory on January 31, 2018. Currency exchange rates are as follows:Cost of goods sold . . .. LCU 5,000,000Beginning inventory . . . . . . . 500,000Ending inventory . . . . . . . . . . 600,000November 1, 2017 . . . . $0.16 = 1 pesoDecember 31, 2017 . ...... . . 0.17 = 1January 17, 2018 . . . . . . . . . 0.18 = 1January 31, 2018 . . . . . . . . 0.19 = 1What amount does Newberry’s consolidated income statement report for cost of goods sold for the year ending December 31, 2018?a. $16,000.b. $17,000.c. $18,000.d. $19,000.
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Newberry, Inc., whose reporting currency is the U.S. dollar ($), has a subsidiary in Argentina, whose functional currency also is the $. The subsidiary acquires inventory on credit on November 1, 2017, for 100,000 pesos that is sold on January 17, 2018, for 130,000 pesos. The subsidiary pays for the inventory on January 31, 2018. Currency exchange rates are as follows: November 1, 2017 $0.16 = 1 peso December 31, 2017 0.17 = 1 January 17, 2018 0.18 = 1 What amount does Newberry’s consolidated income statement report for cost of goods sold for the year ending December 31, 2018? $16,000. $17,000. $18,000. $19,000.
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Baxter Industries, Inc., is a U.S. company that has a wholly owned subsidiary. The subsidiary maintains its book and records in a foreign currency (FC) and the majority of its local expenses such as payroll, utilities, rent, etc., are paid in FC. However, the U.S. dollar is considered to be its functional currency. Selected exchange rates are as follows: 1 FC= 1 FC= March 1, 2013 . . . . . . . . . . . . $1.50 March 1, 2013 . . . . . . . . . . . . $1.50 Third quarter 2014 . . . . . . . . . 1.62 Fourth quarter 2014 . . . . . . . . 1.65 June 30, 2015. . . . . . . . . . . . . 1.70 First quarter 2015 . . . . . . . . . $1.50 Second quarter 2015 . . . . . . 1.75 Third quarter 2015 . . . . . . . . 1.71 Fourth quarter 2015 . . . . . . . 1.66 December 31, 2015 . . . . . . . 1.65 1. Identify several specific factors that would suggest that the U.S. dollar is the functional currency in spite of the fact regarding local expenses. 2. For each of the following compute the remeasured…