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Question - VVV Company has a branch in Singapore. On December 31, 2020, the Singapore branch reported the following expenses stated in Singaporean dollar.
Bad debts expense 6,000
Amortization of Patent (patent was acquired on Jan. 1, 2019) 4,000
Rent Expense 10,000
The exchange rates for Singaporean Dollar at various dates were as follows: January 1, 2019 - 35.00; January 1, 2020 - 30.00; December 31, 2020 - 36.35; Average rate - 38.20.
Required - How much is the Philippine peso amount to be included in the translated income statement of the Singapore branch for the year ended December 31, 2020?
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What is Floyd's beginning partnership and beginning corporation basis? Cash 15,000, land cost 10,000 market value 15,000
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