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At what amount should the land be reported

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Reference no: EM133130680

Question - COX Development Ltd. Is a real estate development company. It is listed on the Toronto Stock Exchange. On January 1, 2021, COX purchased land in the United States for US$800,000 by giving a 6-month note for US$800,000 at the annual rate of 10%. The fair value of the land was US$900,000 on June 30, 2021.

Exchange rates were as follows:

January 1, 2021 US$1.00 = C$1.25

Average for quarter 1 for 2021 US$1.00 = C$1.23

Average for Quarter 2 for 2021 US$1.00 = C$1.21

June 30, 2021/July 1, 2021 US$1.00 = C$1.20

Required -

1. At what amount should the land be reported on COX's Canadian dollar balance sheet for its June 30, 2021 quarterly financial statements?

1. $ 800,000

2. $ 960,000

3. $1,000,000

4. $1,080,000

2. At what amount should the note payable (excluding any accrued interest) be reported on COX's Canadian dollar balance sheet for its June 30, 2021 quarterly financial statements?

1. $ 800,000

2. $ 960,000

3. $1,000,000

4. $1,080,000

3. What is the interest expense for the 6 months ended June 30, 2021?

1. $40,000

2. $48,000

3. $48,800

4. $50,000

Reference no: EM133130680

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