Lancer, Inc. a USbased company establishes a subsidiary in Croatia on January The following account balances for the year ending December are stated in kuna K the local currency:
Sales K
Inventory bought on
Equipment bought on
Rent expense
Dividends declared on
Notes receivable to be collected in
Accumulated depreciationequipment
Salary payable
Depreciation expense
The following US$ per kuna exchange rates are applicable:
January $
Average for
January
March
October
December
Average for
Lancer is preparing account balances to produce consolidated financial statements.
Assuming that the kuna is the functional currency, what exchange rate would be used to report each of these accounts in US dollar consolidated financial statements?
Assuming that the US dollar is the functional currency, what exchange rate would be used to report each of these accounts in US dollar consolidated financial statements?
For all requirements, round your answers to decimal places.
