Groogle acquired a FacePlant, an Irish company in 2019. The subsidiary's balance sheet is stated in...
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Groogle acquired a FacePlant, an Irish company in 2019. The subsidiary's balance sheet is stated in euros. When Groogle acquired the FacePlant in 2019, a euro was worth $1.38. When FacePlant earned its income during 2019-2020, the average exchange rate was $1.27. On December 31, 2020, a euro is worth $1.18. At December 31, 2020, the subsidiary's assets were 1,000,000 euros; the liabilities were 500,000 euros, common stock was 400,000 euros and retained earnings was 100,000 euros. Required: Translate FacePlants balance sheet into dollars. Groogle acquired a FacePlant, an Irish company in 2019. The subsidiary's balance sheet is stated in euros. When Groogle acquired the FacePlant in 2019, a euro was worth $1.38. When FacePlant earned its income during 2019-2020, the average exchange rate was $1.27. On December 31, 2020, a euro is worth $1.18. At December 31, 2020, the subsidiary's assets were 1,000,000 euros; the liabilities were 500,000 euros, common stock was 400,000 euros and retained earnings was 100,000 euros. Required: Translate FacePlants balance sheet into dollars.
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Related Book For
International Financial Management
ISBN: 978-0078034657
6th Edition
Authors: Cheol S. Eun, Bruce G.Resnick
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