At what amount should the Brazilian subsidiarys euro note payable be reported on McCarthys December 31, 2020,
Question:
At what amount should the Brazilian subsidiary’s euro note payable be reported on McCarthy’s December 31, 2020, consolidated balance sheet?
a. $84,000.
b. $86,000.
c. $92,000.
d. $128,800.
McCarthy, Inc.’s Brazilian subsidiary borrowed 100,000 euros on January 1, 2020. Exchange rates between the Brazilian real (BRL) and euro (€) and between the U.S. dollar ($) and BRL are as follows:
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c On December 31 2020 the Brazilian subsidiary remeasures the ...View the full answer
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