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Practice 8 - Ch 10 Foreign Currency Translation

Practice 8 - Ch 10 Foreign Currency Translation - Ch 10...

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1 Ch 10: Foreign Currency Translation Four Practice Problems: 10-23, 10-24, 10-33, and 10-35 (translation only) Solutions: Problem 1: 10 – 23 . Determine Appropriate Exchange Rates under the Current Rate Method (Translation) and Temporal Method (Remeasurement ) (10 minutes) Translation Remeasurement Accounts payable $.16 C $.16 C Accounts receivable $.16 C $.16 C Accumulated depreciation $.16 C $.26 H Advertising expense $.19 A $.19 A Amortization expense $.19 A $.25 H Buildings $.16 C $.26 H Cash $.16 C $.16 C Common stock $.28 H $.28 H Depreciation expense $.19 A $.26 H Dividends paid (10/1) $.20 H $.20 H Notes payable $.16 C $.16 C Patents (net) $.16 C $.25 H Salary expense $.19 A $.19 A Sales $.19 A $.19 A * C = current rate, H = historical rate, A = average rate
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