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Question 2 (9 marks) Rhine Ltd.'s (Rhine's) main operations are located in Germany, where it manufactures and sells watches. Approximately 10% of its sales are in Germany: 75% of its sales are to Elbe Inc. (Elbe), a publicly traded Canadian company, and the remaining 15% of its sales are made throughout the world. Elbe acquired its control in Rhine Ltd. in 2014 to take advantage of Rhine's worldwide distribution network and sophisticated labour force. As a result, approximately 80% of Elbe's worldwide sales are distributed through Rhine's distribution network. Most of Rhine's watches are produced in Germany. Rhine has generated sufficient cash flows from operating activities to finance its operating and investing activities. Rhine's condensed trial balances for the years ending December 31, 2020, and December 31, 2019, were as follows: 2020 2019 Cash and accounts receivable 103,000 88,000 Inventory 133,000 108,000 Building, at cost 670,000 670,000 Equipment, at cost 230,000 170,000 Cost of goods sold 608,000 600,000 Depreciation expense 72,000 62,000 Other expenses 236,000 238,000 Dividends paid 160.000 190.000 Total debits 2.212.000 2.126,000 Accumulated depreciation Monetary liabilities Common shares Retained earnings, beginning Sales Total credits 282,000 210,000 350,000 341,000 300,000 300,000 185,000 150,000 1.095.000 1.125.000 2.212,000 2,126.000 Additional information: 1. Sales, inventory purchases, and other expenses occurred evenly throughout the year. 2. The ending inventory for each year was purchased evenly throughout the last quarter of the year. 3. On January 1, 2020, Rhine purchased equipment for 60,000. The rest of the equipment and the building were acquired on January 1, 2017. 4. The dividends were declared and paid on January 1, 2020. Question 2 (9 marks) Rhine Ltd.'s (Rhine's) main operations are located in Germany, where it manufactures and sells watches. Approximately 10% of its sales are in Germany: 75% of its sales are to Elbe Inc. (Elbe), a publicly traded Canadian company, and the remaining 15% of its sales are made throughout the world. Elbe acquired its control in Rhine Ltd. in 2014 to take advantage of Rhine's worldwide distribution network and sophisticated labour force. As a result, approximately 80% of Elbe's worldwide sales are distributed through Rhine's distribution network. Most of Rhine's watches are produced in Germany. Rhine has generated sufficient cash flows from operating activities to finance its operating and investing activities. Rhine's condensed trial balances for the years ending December 31, 2020, and December 31, 2019, were as follows: 2020 2019 Cash and accounts receivable 103,000 88,000 Inventory 133,000 108,000 Building, at cost 670,000 670,000 Equipment, at cost 230,000 170,000 Cost of goods sold 608,000 600,000 Depreciation expense 72,000 62,000 Other expenses 236,000 238,000 Dividends paid 160.000 190.000 Total debits 2.212.000 2.126,000 Accumulated depreciation Monetary liabilities Common shares Retained earnings, beginning Sales Total credits 282,000 210,000 350,000 341,000 300,000 300,000 185,000 150,000 1.095.000 1.125.000 2.212,000 2,126.000 Additional information: 1. Sales, inventory purchases, and other expenses occurred evenly throughout the year. 2. The ending inventory for each year was purchased evenly throughout the last quarter of the year. 3. On January 1, 2020, Rhine purchased equipment for 60,000. The rest of the equipment and the building were acquired on January 1, 2017. 4. The dividends were declared and paid on January 1, 2020