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Halon Norway, the Norwegian subsidiary of a U.S. company, Halon, Inc., has the following balance sheet:
Assets (NKr thousands)
Liabilities (NKr thousands)
Cash, marketable securities
7,000
Accounts payable
14,000
Accounts receivable
18,000
Short-term debt
8,000
Inventory
31,000
Long-term debt
45,000
Net fixed assets
63,000
Equity
52,000
NKr119,000
a. At the current spot rate of $0.21/NKr, calculate Halon Norway's accounting exposure under the current/noncurrent, monetary/nonmonetary, temporal, and current rate methods.
b. Suppose the Norwegian krone depreciates to $0.17. Produce balance sheets for Halon Norway at the new exchange rate under each of the four alternative translation methods.
c. Relate these gains and losses to the exposure calculations performed in part (a) combined with the exchange rate change. Where would these translation gains or losses show up in the balance sheets prepared for part (b)?
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