On January 2,20X8,Polaris Company acquired a 100% interest in the capital stock of Ski Company for $3,100,000.Any excess cost over book value is attributable to a patent with a 10-year remaining life.At the date of acquisition,Ski's balance sheet contained the following information:
Ski's income statement for 20X8 is as follows:
The balance sheet of Ski at December 31,20X8,is as follows:
Ski declared and paid a dividend of 20,000 FCU on October 1,20X8.Spot rates at various dates for 20X8 follow:
Assume Ski's revenues,purchases,operating expenses,depreciation expense,and income taxes were incurred evenly throughout 20X8.
-Refer to the above information.Assuming the FCU of the country in which Ski Company is located is the functional currency,what are the translated amounts for the items below in U.S.dollars?

A)Option A
B)Option B
C)Option C
D)Option D

Question

On January 2,20X8,Polaris Company acquired a 100% interest in the capital stock of Ski Company for $3,100,000.Any excess cost over book value is attributable to a patent with a 10-year remaining life.At the date of acquisition,Ski's balance sheet contained the following information:
  Ski's income statement for 20X8 is as follows:
  The balance sheet of Ski at December 31,20X8,is as follows:
  Ski declared and paid a dividend of 20,000 FCU on October 1,20X8.Spot rates at various dates for 20X8 follow:
  Assume Ski's revenues,purchases,operating expenses,depreciation expense,and income taxes were incurred evenly throughout 20X8.
-Refer to the above information.Assuming the FCU of the country in which Ski Company is located is the functional currency,what are the translated amounts for the items below in U.S.dollars?

A)Option A 
B)Option B 
C)Option C 
D)Option D

Quizplus · Accepted Answer

The Answer of On January 2,20X8,Polaris Company acquired a 100% interest in the capital stock of Ski Company for $3,100,000.Any excess cost over book value is attributable to a patent with a 10-year remaining life.At the date of acquisition,Ski's balance sheet contained the following information:
  Ski's income statement for 20X8 is as follows:
  The balance sheet of Ski at December 31,20X8,is as follows:
  Ski declared and paid a dividend of 20,000 FCU on October 1,20X8.Spot rates at various dates for 20X8 follow:
  Assume Ski's revenues,purchases,operating expenses,depreciation expense,and income taxes were incurred evenly throughout 20X8.
-Refer to the above information.Assuming the FCU of the country in which Ski Company is located is the functional currency,what are the translated amounts for the items below in U.S.dollars?

A)Option A 
B)Option B 
C)Option C 
D)Option D

On January 2,20X8,Polaris Company Acquired a 100% Interest in the Capital