How would you reflect this land on xyz''s financial

How would you reflect this land on xyz''s financial statement

Reference no: EM133612415

Question: XYZ, a Canadian company, has a subsidiary located in Europe that owns land. The land was purchased on January 1 for €1 million when the euro to Canadian dollar direct rate was $1. On December 31, it is $0.9091.

Required How would you reflect this land on XYZ's financial statements if the subsidiary's functional currency is the Canadian dollar?

Reference no: EM133612415

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