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2A) Please answer questions 2 a,b,c,d,e & f using the following case:

Machinen Company was incorporated on January 2, Year 5, and commenced active operations immediately. Ordinary shares were issued on the date of incorporation and no new ordinary shares have been issued since then. On December 31, Year 9, Le Pere Company purchased 70% of the outstanding ordinary shares of the Machinen for 2.4 million euros ().

Machinens main operations are located in Germany. It manufactures and sells German equipment throughout Europe. Le Pere acquired control over Machinen so that it could utilize Machinens extensive distribution network. Machinen continued to manufacture and sell German equipment. However, it also purchases and sells equipment manufactured by Le Pere in Canada. Machinen has 90 days to pay for its purchases from Le Pere. During this time, Machinen is usually able to resell the equipment in Europe and collect the receivables. Machinen did not have to hire additional sales people to sell the product. It built a new distribution centre in Frankfurt. This facility was financed with retained earnings from Machinen Company.

For the year ending December 31, Year 13, the condensed income statement for Machinen was as follows:

MACHINEN COMPANY CONDENSED INCOME STATEMENT
Year ended December 31, Year 13
Sales and other revenue		4,950,000
Cost of goods sold		2,227,500
Depreciation expense		197,200
Loss on decline in value of inventory		18,000
Other expenses		1,884,000
Total expenses		4,326,700
Net income		623,300

The condensed balance sheet for Machinene was as follows:

MACHINEN COMPANY BALANCE SHEET
At December 31, Year 13
Inventory (Note 1)		369,000
Property, plant, and equipment (net) (Note 2)		1,972,000
Other assets		2,830,000
Total assets		5,171,000
Unearned revenue (Note 3)		308,000
Other monetary liabilities		2,820,000
Ordinary shares		100,000
Retained earnings		1,943,000
Total liabilities and shareholders' equity		5,171,000

Notes and Additional Information

1. At December 31, Year 12, inventory was 342,000. The inventory at the end of Year 12 and Year 13 was purchased evenly throughout the last month of each year. The inventory at December 31, Year 13, had cost Machinen 406,000 but had been written down to its net realizable value of 369,000. Purchases and sales of inventory occurred evenly throughout the year.
2. Machinen purchased its property, plant, and equipment on March 17, Year 9. There were no purchases or sales of property, plant, and equipment since March 17, Year 9.
3. The unearned revenue represents non-refundable deposits received from customers evenly throughout the last quarter of the year.
4. Foreign exchange rates were as follows:

January 2, Year 5	1	=	$1.65
March 17, Year 9	1	=	$1.60
December 31, Year 9	1	=	$1.59
Average for Year 12	1	=	$1.50
Average for quarter 4 for Year 12	1	=	$1.49
Average for December Year 12	1	=	$1.47
December 31, Year 12	1	=	$1.45
Average for Year 13	1	=	$1.43
Average for quarter 4 for Year 13	1	=	$1.42
Average for December Year 13	1	=	$1.41
December 31, Year 13	1	=	$1.40

Required:

2(a) Assuming that Machinens functional currency is the Canadian dollar, calculate the Canadian dollar amount for the following items on Machinens translated financial statements:

Cost of goods sold for the year ended December 31, Year 13

Calculate and select the best answer.

	1.	3,259,295
	2.	3,118,500
	3.	3,211,185
	4.	3,207,125

2b)Assuming that Machines functional currency is the Canadian dollar, calculate the Canadian dollar amount for the following items on Machinens translated financial statements:

Inventory at the end of year 13

Calculate and select the best answer.

	1.	520,290
	2.	572,460
	3.	516,600
	4.	568,400

2c) Assuming that Machinen's functional currency is the Canadian dollar, calculate the Canadian dollar amount for the following items on Machinens translated financial statements:

Depreciation expense

Calculate and select the best answer.

	1.	313,548
	2.	315,520
	3.	276,080
	4.	281,996

2d) Assuming that Machinens functional currency is the Canadian dollar, calculate the Canadian dollar amount for the following items on Machinens translated financial statements:

Ordinary shares at year end the end of year 13

Calculate and select the best answer.

	1.	159,000
	2.	140,000
	3.	160,000
	4.	165,000

2e) Assuming that Machinens functional currency is the Canadian dollar, calculate the Canadian dollar amount for the following items on Machinens translated financial statements:

Unearned revenue at the end of year 13.

Calcuate and select the best answer.

	1.	437,360
	2.	440,440
	3.	431,200
	4.	434,280

2f) Assuming that Machinens functional currency is the Canadian dollar, calculate the Canadian dollar amount for the following items on Machinens translated financial statements:

Other expenses at the end of year 13

Calculate and select the best answer.

	1.	2,826,000
	2.	2,694,120
	3.	2,656,440
	4.	2,675,280