Quadros Incorporated, a Portuguese firm was acquired by a U.S. company on January 1, 2023....
60.1K
Verified Solution
Link Copied!
Question
Accounting
Quadros Incorporated, a Portuguese firm was acquired by a U.S. company on January 1, 2023. Selected account balances are available for the year ended December 31, 2024, and are stated in Euro, the local currency.
Sales
400,000
Inventory (bought on February 1, 2024)
20,000
Equipment (bought on January 1, 2023)
90,000
Dividends (paid on September 1, 2024)
20,000
Accumulated depreciationEquipment 12/31/24
45,000
Depreciation expenseEquipment, 2024
9,000
Relevant exchange rates for 1 Euro are given below:
January 1, 2023
$ 0.91
January 1, 2024
0.93
February 1, 2024
0.94
September 1, 2024
0.97
December 31, 2024
1.01
4th quarter average, 2023
0.90
4th quarter average, 2024
0.98
Average, 2024
0.95
Assume the functional currency is the Euro; compute the U.S. income statement amount for depreciation expense for 2024.
Multiple Choice
$8,190
$8,370
$8,820
$9,090
$8,550
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
