1. The CFO wants to know whether Sub's functional currency is FCU or the Canadian...
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Accounting
1. The CFO wants to know whether Sub's functional currency is FCU or the Canadian dollar as Sub's Company is based in Sweden besides its operations (e.g. making products) and sales. State two facts from the question to support your answer.
On January 1, Year 2, Par Corporation of Canada paid FCU 7.0 million for 64% of the outstanding common shares of Sub Company of Sweden. On this date the fair values of Sub's identifiable assets and liabilities were equal to their carrying values. Sub's comparative balance sheets and Year 2 income statement are as follows: c..h Sub Income Statement For the year ended December 31, Year 2 Following is the Balance Sheet of Par at December 31, Year 2
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