Question
Journalize the following transactions:
Q Corporation, a Kuwaitbased company Functional currency the KWD had the following transactions with its Bahraini subsidiary Functional currency the BHD:
January : Sale of equipment E for KWD on account. Credit terms: Full payment in months. Interest: per annum. points
July : Sale of additional equipment E for KWD payment received by electronic transfer points
December : What would be the amount of depreciation expense in the consolidated financial statement for the Equipment E & E Use straightline, no residual value, useful life years. Indicate which method you are using. points
Additional information:
Exchange rates for the KWD against the BHD
January : KWD BHD; July : KWD BHD;
June : KWD BHD; December : KWD BHD
