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Question - Cairo Ingot, Ltd., is the Egyptian subsidiary of TransMediterranean Aluminum, a British multinational that fashions automobile engine blocks from aluminum. Trans-Mediterranean's home reporting currency is the British pound. Cairo Ingot's December 31st balance sheet is shown below. At the date of this balance sheet the exchange rate between Egyptian pounds and British pounds sterling was £E5.36/UK£.
Balance Sheet of Cairo Ingot, Ltd.
Egyptian pounds
Assets
Statement
Cash
16,500,000
Accounts receivable
33,000,000
Inventory
49,500,000
Net plant & equipment
66,000,000
Total
165,000,000
Liabilities & Net Worth
Accounts payable
24,750,000
Long-term debt
Invested capital
90,750,000
CTA account (loss)
-
Required - What is Cairo Ingot's contribution to the translation exposure of Trans-Mediterranean on December 31st, using the current rate method?
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