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Question 2 (22 marks) A. Double Tree Company, whose functional currency is the dollar ($), purchased inventory costing FC20,000 on 1 November 2019 with cash payment. The inventory was resold at retail price of FC30,000 on 1 February 2020. The sale was done on credit, with cash collection on 1 March 2020. The relevant spot exchange rates are as follows: IS = 1 November 2019 FC1.25 31 December 2019 FC1.22 1 February 2020 FC1.20 1 March 2020 FC1.25 Required: Prepare the journal entries of Double Tree Company on 1 November 2019, 31 December 2019, 1 February 2020, and 1 March 2020. (11 marks) B. On 1 January 2019, Pink Company acquired the entire share capital of Sandy Company. The functional currencies of Sandy and Pink are the British pound (f) and the dollar ($) (also presentation currency of Pink), respectively. The net assets of Sandy on 1 January 2019 were E134,000. The financial statements of Sandy on 31 December 2019 are as follows: Sandy Company Income Statement for the year ended 31 December 2019 Sales $660,000 Cost of sales (540,000 Gross profit 120,000 Depreciation expense (25,000) Other operating expense (17,000) Profit before tax 78,000 Tax expense (14,000) Net profit after tax E64.000 Sandy Company Statement of Financial Position as at 31 December 2019 Equipment, net $240,000 Inventory, at cost 23,000 Accounts receivable 78,000 Cash 4,000 Accounts payable (53,000) Long-term loan payable (94.000) Net assets $198.000 Share capital $134,000 Retained earnings 64,000 Equity E198,000Additional information: 1. Fixed assets are measured at historical cost and depreciated using straight-line method at the rate of 10%. During 2019, equipment costing $50,000 was purchased. A full year's depreciation was recorded in the year of purchase. 2. Sandy uses the FIFO method for its inventory. Purchases of inventory were made evenly throughout 2019. 3. Sandy's sales were generated and operating expenses were incurred evenly throughout 2019. 4. No dividends were declared or paid in 2019. 5. There is no change in the share capital of Sandy from the date of acquisition. 6. Relevant exchange rates in 2019 are as follows: If = 1 January 2019 $1.40 Average rate for closing inventory purchased $1.28 At the date of equipment purchased $1.35 Average rate for 2019 $1.32 31 December 2019 $1.25 Required: Translate the Statement of Financial Position of Sandy Company as at 31 December 2019 from the British pound into the dollar. (11 marks)