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Assessment 3: Foreign Currency Exercise 2 Worksheet: Financial Statement Translation On January 1, 2015, Broadmore Incorporated began operating a subsidiary company in Denmark by purchasing all of the subsidiary's common stock for a fair value of 80,000 krones The subsidiary immediately borrowed 200,000 krones on a five-year, 10% note. Interest on the note is payable yearly on January 1, starting in 2016. The subsidiary then paid 280,000 krones to purchase a building that had an anticipated life of 10 years, with no salvage value. The straight-line method will be used to depreciate the building. The subsidiary rented the building for three years at 10,000 krones per month. By the end of the year, the subsidiary had received payments totaling 100,000 krones. On October 1, 8,000 krones were paid for a building repair completed on the same date. On December 31, 2015, the subsidiary transferred a cash dividend of 10,000 krones to Broadmore. The subsidiary's functional currency is the krone. The currency exchange rates for one krone are shown below: January 1, 2015 . October 1, 2015 Average for 2015 December 31, 2015 $2.00= 1 krone $1.851 krone $1.90 = 1 krone $1.801 krone Prepare, in krones, an income statement (Table 1), a statement of retained earnings (Table 2) and a balance sheet (Table 3) for the subsidiary. Translate all amounts into U.S. dollars. The first item has been completed for you as an example Broadmore Company Subsidiary 4 Table 1: Income Statement 6 Account 7 Rent revenue 8 Interest expense 9 Depreciation expense 10 Repair expense 11 Net income Krone Conversion US Dollars $ 120,000 |x$1.90 A =|$ 228,000 12 Table 2: Statement of Retained Earning:s 13 Account 14 Retained earnings, 1/1 Krone Conversion U.S. Dollars