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Question 2 Braco Corporation is a subsidiary of Telco Inc. in Mexico. It was established before 1 January 2010. Braco's balance sheet items as of 31 December 2010, in pesos: Cash 1,500 Accounts payable 3,000 Accounts rec. 1,500 Long-term debt 5,000 Inventory 2,500 Share Capital 3,000 Fixed assets 8,000 Retained earnings 1,500 Accum. depr. 1,000 Braco's income statement items for 2010, in pesos: Sales 21,000 Depr. exp 1,000 COGS 15,000 Interest exp. 500 S,G,&A exp. 2,500 Income tax exp. 500 Additional Information: (i) There was no beginning inventory. (ii) Inventory that is carried at cost was acquired evenly during the last quarter of 2010. (iii) Fixed assets were acquired on 1 January 2010.ACC303 Copyright © 2014 SIM University Page 4 of 5 Examination - January Semester 2014 (iv) Purchases were made consistently throughout year. (v) Share Capital was issued and paid on 1 January 2010. (vi) Retained Earnings opening balance is 0. (vii) Dividend paid of 500 pesos at Dec 21, 2010 with exchange of $0.084 (viii) Relevant exchange rates (U.S. dollar per Mexican peso): January 1, 2010 $0.110 Average rate for 2010 $0.096 Average rate for 4th quarter 2010 $0.091 December 31, 2010 $0.081 Required: Demonstrate the translation of Braco's financial statements into USD in accordance with U.S. GAAP at Dec 31, 2010 using current rate method.
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