Accounting $4022-$Fall $2024$

Homework $14$

Due Date: October $28,2024$

On January $1,2024,$ Joey Co$.$ acquired a subsidiary in Italy named Legoria Co$.$ Legoria's functional currency is the EURO which is also its the local currency $($LCU$)($i$.$e$,$ the currency in which Legoria Co$.$ maintains its records in$).$ Selected exchange rates are as follows: $$

January $1,2024,$

December $31,2024,$

$2024$ average

$1$FCU$=$$$1\mathrm{.}00$

$1$FCU$=$$$1\mathrm{.}08$

$1$FCU$=$$$1\mathrm{.}05$

The following Trial balance for Legoria is available for $\frac{12}{31}\frac{?}{24}.$

$\backslash$table$[[$Account$,$Balance in Euros$],[$Cash$,10,000$ FCU$],[$Accounts Receivable,$21,000],[$Allowance for doubtful accts.,$(1,000)$