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What exchange rate should have been used in translating

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Question - Darron Co. was formed on January 1, 2018 as a wholly owned foreign subsidiary of a U.S. corporation. Darron's functional currency was the stickle (§). The following transactions and events occurred during 2018:

Jan. 1 Darron issued common stock for §1,000,000.June 30Darron paid dividends of §20,000.

Dec. 31 Darron reported net income of §80,000 for the year.

Exchange rates for 2018 were: Jan.1§1=$0.48June 30§1=$0.46Dec.31§1=$0.42Weighted average rate for the year§1=$0.44.

What exchange rate should have been used in translating Darron's revenues and expenses for 2018?

Reference no: EM132350568

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