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Pencil Company acquired a foreign subsidiary, Sharpie Company, on December 31,20x1. ...

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Accounting

Pencil Company acquired a foreign subsidiary, Sharpie Company, on December $31, 20$ x $1 .$

Assume that Sharpie Company is a self $-$ sustaining subsidiary. Pencil is translating Sharpie's financial statements at December $31, 20$ x $2 .$ Foreign exchange rates are as follows:

December $31, 20$ x $1 1$ Euro $=$ $ $1.19$

December $31, 20$ x $2 1$ Euro $=$ $ $1.31$

Average for $20$ x $2 1$ Euro $=$ $ $1.25$

June $1, 20$ x $2 1$ Euro $=$ $ $1.23$

September $30, 20$ x $2 1$ Euro $=$ $ $1.35$

Provide the following translated balance in Canadian dollars at December $31, 20$ x $2$ for:

Account $($ FCU $) 20$ x $2 20$ x $1$

Common Shares $15, 000 13, 000$

Common shares were issued on June $1, 20$ x $2$

Do not include commas, dollar signs, negative signs or decimals in your response. Round to the nearest whole dollar.

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