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Question - On January 1, 2021 a parent company based in US acquired a subsidiary in Egypt and the following information is extracted from the subsidiary' books for 2021:
Inventory purchased on Oct. 1 2021.
Purchases of inventory have been made throughout the year.
Uses straight-line depreciation on fixed assets.
Dividends declared and paid on December 1, 2021
Fixed assets have been purchased on Feb. 1 2021.
Adjusted trail balance as of 31/12/2021 as follows:
Account title
Amount in Egyptian pound
Cash
2,000,000
Accounts receivable
Inventory
5,000,000
Notes receivable
1,000,000
Plant assets
10,000,000
dividends
200,000
Cost of goods sold
7,000,000
Depreciation expense
Other expenses
500,000
Total debits
25,900,000
Sales
Accumulated depreciation
Accounts payable
3,000,000
Notes payable
Common stocks
9,600,000
Retained earnings
2,100,000
Total credits
Exchange rates:
Date
Exchange rates
January 1, 2021
15.50
Oct. 1 2021
15,60
December 1, 2021
16,50
Feb. 1 2021
17.00
December 31, 2021
17,20
Average
16.36
Required - Make a schedule to translate Subsidiary's financial statements on 31/12/2021 to U.S. dollars using current rate method.
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