McCarthy, Inc.'s Brazilian subsidiary borrowed 125,000 euros on January 1, 2020. Exchange rates between the Brazilian...

 

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McCarthy, Inc.'s Brazilian subsidiary borrowed 125,000 euros on January 1, 2020. Exchange rates between the Brazilian real (BRL) and euro () and between the U.S. dollar ($) and BRL are as follows: January 1, 2020 Average, 2020 December 31, 2020 BRL per US$ per BRL BRL 4.20 $ 0.28 BRL 4.30 $ 0.25 BRL 4.60 $ 0.20 At what amount should the Brazilian subsidiary's euro note payable be reported on McCarthy's December 31, 2020, consolidated balance sheet? McCarthy, Inc.'s Brazilian subsidiary borrowed 125,000 euros on January 1, 2020. Exchange rates between the Brazilian real (BRL) and euro () and between the U.S. dollar ($) and BRL are as follows: January 1, 2020 Average, 2020 December 31, 2020 BRL per US$ per BRL BRL 4.20 $ 0.28 BRL 4.30 $ 0.25 BRL 4.60 $ 0.20 At what amount should the Brazilian subsidiary's euro note payable be reported on McCarthy's December 31, 2020, consolidated balance sheet?

Answer rating: 100% (QA)

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