Question: what is the answer Question 10 (1 point) Fazz Co. has a wholly owned foreign subsidiary, Trix Inc. The functional currency of both Fazz and
what is the answer
Question 10 (1 point) Fazz Co. has a wholly owned foreign subsidiary, Trix Inc. The functional currency of both Fazz and Trix is the Canadian dollar. Trix has a year end of December 31. Both companies apply IFRS. Trix paid FCU76,000 in annual interest on its long-term debt on December 31, when the exchange rate was FCU1 = C$0.95. The exchange rate on January 1 that year was FCU1 = C$0.76, and the average rate for the year was FCU1 = C$0.80. How much is the translated interest expense for the current year? O a) $57,760 ( b) $60,800 O c) $64,980 O d) $72,200Step by Step Solution
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