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Question - Chug Company, a U.S.-based company, borrows 4,500,000 Euros on January 1, Year 1, at an interest rate of 5.5% to finance the construction of a new branch in Spain. Construction is expected to take 9 months and cost euro 4,500,000. Chug temporarily invests euro borrowed until cash is needed to pay costs. Interest earned in the first quarter of Year 1 is 4,000 euro. During the first quarter of Year 1, expenditures of euro 1,000,000 are incurred; the weighted-average expenditures are euro 800,000. Chug will repay the borrowing plus interest on September 30, Year 1, by converting U.S. dollars into euro. The U.S. dollar/euro exchange rate was $1.1 on January 1, Year 1, and $1.20 on March 31, Year 1. The change in exchange rate is the result of the difference in interest rates in the United States and Europe. Determine the amount of borrowing costs (in U.S. dollars) that Chegg should include in the cost of the new branch at March 31, Year 1, according to IFRS and US GAAP.
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Crede Company budgeted selling expenses of $30,000 in January, $35,000 in February, and $40,000 in March. Actual selling expenses were $31,200 in January, $34,525 in February, and $46,000 in March. Prepare a selling expense report that compares budge..
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