On January 1st 2010 Dunkin Donuts acquired the French Pastry Company information about French Pastry is...

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On January 1st 2010 Dunkin Donuts acquired the French Pastry Company information about French Pastry is as follows: January 1, 2010 the Euro was worth $1 On January 1st 2015 French Pastry Company purhcased some land when the Euro was worth $1.05 On January 1st 2022 French Pastry Company purchased some equipent when the Euro was worth $0.97 On July 1st 2023 French Pastry paid a 400,000 euro dividend when the Euro was worth $1.02 the average exchange rate between the Euro and the dollar in 2023 was 1 Euro = $1.04 On December 31st the Euro was worth $0.99 On January 1st 2023 French Pastry's retained earnings in dollars was $193,500 On October 1st French Pastry sold some of the land purchased in 2015. The Euro was worth $1.07 on October 1st French Pastry Balance Sheet (using US GAAP, but in Euros) 2023 Cash accounts receivable. 400000 800,000 Account Payable note payable 800,000 300,000 equipment 1,000,000 a/d equipment 200,000 Common stock 1,000,000 land 1,500,000 APIC Common stock retained earnings 1,000,000 400,000 total assets 3,500,000 French Pastry Income Statement (using US GAAP but in Euros) for year 2023 Sales depreciation expense operating expenses sale of land net income REQUIRED: 3,000,000 100, 2,000,000 300,000 600,000 1) PREPARE FRENCH PASTRY'S STATEMENTS IN DOLLARS IF THE EURO IS THE FUNCTIONAL CURRENCY 2) WHAT IS THE IMPACT ON COMPREHENSIVE INCOME IN 2023 NOTE: ON DECEMBER 31ST 2022 THE FOREIGN CURRENCY TRANSLATION ACCOUNT WAS A CREDIT OF $99000 On January 1st 2010 Dunkin Donuts acquired the French Pastry Company information about French Pastry is as follows: January 1, 2010 the Euro was worth $1 On January 1st 2015 French Pastry Company purhcased some land when the Euro was worth $1.05 On January 1st 2022 French Pastry Company purchased some equipent when the Euro was worth $0.97 On July 1st 2023 French Pastry paid a 400,000 euro dividend when the Euro was worth $1.02 the average exchange rate between the Euro and the dollar in 2023 was 1 Euro = $1.04 On December 31st the Euro was worth $0.99 On January 1st 2023 French Pastry's retained earnings in dollars was $193,500 On October 1st French Pastry sold some of the land purchased in 2015. The Euro was worth $1.07 on October 1st French Pastry Balance Sheet (using US GAAP, but in Euros) 2023 Cash accounts receivable. 400000 800,000 Account Payable note payable 800,000 300,000 equipment 1,000,000 a/d equipment 200,000 Common stock 1,000,000 land 1,500,000 APIC Common stock retained earnings 1,000,000 400,000 total assets 3,500,000 French Pastry Income Statement (using US GAAP but in Euros) for year 2023 Sales depreciation expense operating expenses sale of land net income REQUIRED: 3,000,000 100, 2,000,000 300,000 600,000 1) PREPARE FRENCH PASTRY'S STATEMENTS IN DOLLARS IF THE EURO IS THE FUNCTIONAL CURRENCY 2) WHAT IS THE IMPACT ON COMPREHENSIVE INCOME IN 2023 NOTE: ON DECEMBER 31ST 2022 THE FOREIGN CURRENCY TRANSLATION ACCOUNT WAS A CREDIT OF $99000