At what amount should the Brazilian subsidiary's euro note payable be reported on McCarthy's December 31, 2017,
Question:
a. $84,000.
b. $86,000.
c. $92,000.
d. $128,800.
McCarthy, Inc.'s Brazilian subsidiary borrowed 100,000 euros on January 1, 2017. Exchange rates between the Brazilian real (BRL) and euro (€) and between the U.S. dollar ($) and BRL are as follows:
_____________________ BRL per € ________ US$ per BRL
January 1, 2017 . . . . . . . . . BRL 4.2 ...............$ 0.28
Average, 2017 . . . . . . . . . . BRL 4.3 ...............$ 0.25
December 31, 2017 . . . . . . BRL 4.6 ...............$ 0.20
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C On December 31 2017 the Brazilian subsidiary remeasures the 1...View the full answer
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Related Book For 
Advanced Accounting
ISBN: 978-1259444951
13th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
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