Stadt Corporation of the Netherlands is a 100 percent-owned subsidiary of Port Corporation, a U.S. firm, and

Question:

Stadt of the Netherlands is a 100 percent-owned subsidiary of Port a U.S. firm, and its functional currency is the U.S. dollar. Stadt’s books of record are maintained in euros and its inventory is carried at cost.
The current for euros at December 31, 2011, is $0.60.
The historical cost of the inventory is 10,000 euros.
The historical is $0.53.
REQUIRED:
Determine the amount at which the inventory will be carried on
(a) The foreign currency statements,
(b) The remeasured statements, and
(c) The translated statements.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...