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Stilton Company (a U.S.-based company) has a subsidiary in Canada that began operations at the...

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Accounting

Stilton Company (a U.S.-based company) has a subsidiary in Canada that began operations at the start of 2024 with assets of 141,000 Canadian dollars (CAD) and liabilities of CAD 72,000. During this initial year of operation, the subsidiary reported a profit of CAD 35,000. It distributed two dividends, each for CAD 5,900 with one dividend declared on March 1 and the other on October 1. Applicable U.S. dollar ($) exchange rates for 1 Canadian dollar follow:

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