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What should you recognize in the financial statement

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Question: A Plus Corporation is in the process of consolidating the subsidiaries that are located in Argentina. Like both Companies have different functional currencies, the balances of the Argentine company accounts have to be converted to dollars. Corporation A purchased inventory from the Argentine subsidiaries in the current year. Said merchandise It was acquired for 720,000 Argentine pesos. The exchange rate was one dollar for 90 Argentine pesos. At the end of year, the exchange rate was one dollar for 110 Argentine pesos. What should you recognize in the financial statement as a consequence of this conversion?

Reference no: EM133553289

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