Gramado Company was created as wholly owned subsidiary of Porto Alegre Translation using Current Rate Method Cruzeiro is Functional currency
Corporation on January Year On that date, Porto Alegre invested $ in Gramado's capital stock.
Other than the capital investment on January there were no
The cruzeiro is the primary currency that Gramado uses in its daytoday operations. The cruzeiro
has steadily fallen in value against the dollar since Porto Alegre made the investment in Gramado
in Year Relevant exchange rates for the cruzeiro for Year and follow below.
Required: Translate Gramado Company's Year financial statements into dol.
Cramado's cruzeirodenominated financial statements for Year are as follows:
Use for Retained Earnings Beg Balance
