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Murdock Company has a Spanish Subsidiary whose functional currency is the euro. Relevant translated data for the subsidiary appear below.
Date or annual period
Total Assets
Operating Income
Exchange Rate
1/1/2011
$105,000,000
$1.40/€
2011
$12,000,000
$1.20/€
12/31/2011
90,000,000
$1.00/€
2012
10,890,000
$.90/€
12/31/2012
Required:
a. Calculate the return on assets for 2011 and 2012 using both translated ($) and euro data.
b. Explain whether translation has distorted the Spanish subsidiary's performance in 2012 compared with 2011. If so, explain how changes in the exchange rate contributed to the distortion.
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