Omar Co. is a wholly owned foreign subsidiary of Trot Corporation, a Canadian company. Omar Co.'s transactions and financial statements are denominated in the local (functional) currency, the omnit (OM). Consider the following information:
1. Omar Co.'s common stock was issued in 2012 when the exchange rate was C$1.00 = OM 1.20.
2. Fixed assets of OM 380,000 were acquired in 2012 when the exchange rate was C$1.00 = OM 1.10. They had a life of 10 years and are depreciated straight line. A full year's depreciation is taken in the year of purchase.
3. As of January 1, 2013, the Retained Earnings balance was translated at $350,000 (OM 400,000).
4. Dividends of OM 40,000 were declared on March 15, 2013, and equipment of OM 54,000 net of depreciation was sold on October 1, 2013. No depreciation was taken in the year of sale.
5. The following direct exchange rates were in effect during the year:
Using the above information, translate the Omar Statement of Financial Position into Canadian dollars.

  • CreatedJune 09, 2015
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