Business, 14.03.2020 06:27 Queenhagar

1. A U. S. company acquired a Turkish subsidiary at the beginning of the current year. The subsidiary's trial balances for January 1 and December 31 are presented below, in Turkish lira. January 1 Dr (Cr) December 31 Dr (Cr) Cash, receivables ₺ 40,000 ₺ 20,000 Plant & equipment, net 400,000 435,000 Liabilities (175,000) (170,000) Capital stock (115,000) (115,000) Retained earnings, January 1 (150,000) (150,000) Dividends 15,000 Sales revenue (800,000) Operating expenses 765,000 Total ₺ 0 ₺ 0 2. New plant & equipment of ₺100,000 was acquired during the year. Operating expenses include ₺65,000 of depreciation on plant & equipment, of which ₺10,000 is related to plant & equipment purchased during the year. Exchange rates (U. S.$/₺) are as follows: January 1 $0.24 Average for year 0.25 Plant & equipment acquired 0.26 Dividends declared 0.27 December 31 0.30 3. Assume that the subsidiary's functional currency is the Turkish lira. What are translated total assets for the subsidiary at the end of the year?

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1. A U. S. company acquired a Turkish subsidiary at the beginning of the current year. The subsidiar...

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