23 - TRANSLATION REMEASURMENT ACCOUNTS PAYABLE ACCOUNTS...

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23. The following accounts are denominated in pesos as of December 31, 2011. For reporting purposes, these amounts need to be stated in U.S. dollars. For each balance, include the exchange rate that would be used if a transaction is made under the current rate method. Then, again for each account, provide the exchange rate that would be necessary if a remeasurment is being made using the temporal method. The company was stared in 2000. The buildings were acquired in 2002 and the patents in 2003.
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Unformatted text preview: TRANSLATION REMEASURMENT ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ACCUMULATED DEPRECATION ADVERTISING EXPENSE (PATENTS) BUILDING CASH COMMON STOCK DEPRECATION EXPENSE DIVIDENDS PAID (10/1/11) NOTES PAYABLE- DUE IN 2014 PATENTS (NET) SALARY EXPENSE SALES Exchange rates for 1 peso are as follows: 2000 1 Peso = $$0.28 2002 1 = 0.26 2003 1= 0.25 January 1, 2011 1 = 0.24 April 1, 2011 1 = 0.23 July 1, 2011 1 = 0.22 October 1, 2011 1= 0.20 December 31, 2011 1 = 0.16 Average for 2011 1 = 0.19...
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This note was uploaded on 02/21/2012 for the course ACT 492 taught by Professor Ngo during the Fall '11 term at Colorado.

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