The Isle of Palms Company (IOP), a U.S.-based entity, has a wholly owned subsidiary in Israel that
Question:
The Isle of Palms Company (IOP), a U.S.-based entity, has a wholly owned subsidiary in Israel that has been determined as having the Israeli shekel (ILS) as its functional currency. On October 1, 2014, the Israeli subsidiary borrowed 500,000 Swiss francs (CHF) from a bank in Geneva for two years at an interest rate of 5 percent per year. The note payable and accrued interest are payable at the date of maturity. On December 31, 2015, the Israeli subsidiary has the following foreign currency balances on its books: Interest expense . . . . . . . . . . . . . . . . . . CHF 25,000 Interest payable . . . . . . . . . . . . . . . . . . CHF 31,250 Note payable . . . . . . . . . . . . . . . . . . . . CHF 500,000 Relevant exchange rates between the Israeli shekel (ILS) and Swiss franc (CHF) and between the U.S. dollar (USD) and Israeli shekel (ILS) follow:
a. Determine the Israeli shekel amounts at which the Swiss franc balances should be reported on the Israel subsidiary€™s December 31, 2015, trial balance. b. Determine the U.S. dollar amounts at which the Swiss franc balances should be included in IOP€™s 2015 consolidated financialstatements.
Transcribed Image Text:
October 1, 2014 January 1, 2015 Average for 2015 December 31, 2015 ILS per CHF 3.86 3.91 USD per ILS 0.30 0.29 0.27 0.25 .3.95 4.02
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a Remeasurement of Swiss franc CHF balances into Israeli shekels ILS to report on the Israeli ...View the full answer
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