Solved

On January 2,20X8,Polaris Company Acquired a 100% Interest in the Capital

Question 60

Multiple Choice

On January 2,20X8,Polaris Company acquired a 100% interest in the capital stock of Ski Company for $3,100,000.Any excess cost over book value is attributable to a patent with a 10-year remaining life.At the date of acquisition,Ski's balance sheet contained the following information:
On January 2,20X8,Polaris Company acquired a 100% interest in the capital stock of Ski Company for $3,100,000.Any excess cost over book value is attributable to a patent with a 10-year remaining life.At the date of acquisition,Ski's balance sheet contained the following information: Ski's income statement for 20X8 is as follows: The balance sheet of Ski at December 31,20X8,is as follows: Ski declared and paid a dividend of 20,000 FCU on October 1,20X8.Spot rates at various dates for 20X8 follow: Assume Ski's revenues,purchases,operating expenses,depreciation expense,and income taxes were incurred evenly throughout 20X8. -Refer to the above information.Assuming the U.S.dollar is the functional currency,what is Ski's net income for 20X8 in U.S.dollars (include the remeasurement gain or loss in Ski's net income) ? A) $238,000 B) $228,000 C) $219,500 D) $202,000 Ski's income statement for 20X8 is as follows:
On January 2,20X8,Polaris Company acquired a 100% interest in the capital stock of Ski Company for $3,100,000.Any excess cost over book value is attributable to a patent with a 10-year remaining life.At the date of acquisition,Ski's balance sheet contained the following information: Ski's income statement for 20X8 is as follows: The balance sheet of Ski at December 31,20X8,is as follows: Ski declared and paid a dividend of 20,000 FCU on October 1,20X8.Spot rates at various dates for 20X8 follow: Assume Ski's revenues,purchases,operating expenses,depreciation expense,and income taxes were incurred evenly throughout 20X8. -Refer to the above information.Assuming the U.S.dollar is the functional currency,what is Ski's net income for 20X8 in U.S.dollars (include the remeasurement gain or loss in Ski's net income) ? A) $238,000 B) $228,000 C) $219,500 D) $202,000 The balance sheet of Ski at December 31,20X8,is as follows:
On January 2,20X8,Polaris Company acquired a 100% interest in the capital stock of Ski Company for $3,100,000.Any excess cost over book value is attributable to a patent with a 10-year remaining life.At the date of acquisition,Ski's balance sheet contained the following information: Ski's income statement for 20X8 is as follows: The balance sheet of Ski at December 31,20X8,is as follows: Ski declared and paid a dividend of 20,000 FCU on October 1,20X8.Spot rates at various dates for 20X8 follow: Assume Ski's revenues,purchases,operating expenses,depreciation expense,and income taxes were incurred evenly throughout 20X8. -Refer to the above information.Assuming the U.S.dollar is the functional currency,what is Ski's net income for 20X8 in U.S.dollars (include the remeasurement gain or loss in Ski's net income) ? A) $238,000 B) $228,000 C) $219,500 D) $202,000 Ski declared and paid a dividend of 20,000 FCU on October 1,20X8.Spot rates at various dates for 20X8 follow:
On January 2,20X8,Polaris Company acquired a 100% interest in the capital stock of Ski Company for $3,100,000.Any excess cost over book value is attributable to a patent with a 10-year remaining life.At the date of acquisition,Ski's balance sheet contained the following information: Ski's income statement for 20X8 is as follows: The balance sheet of Ski at December 31,20X8,is as follows: Ski declared and paid a dividend of 20,000 FCU on October 1,20X8.Spot rates at various dates for 20X8 follow: Assume Ski's revenues,purchases,operating expenses,depreciation expense,and income taxes were incurred evenly throughout 20X8. -Refer to the above information.Assuming the U.S.dollar is the functional currency,what is Ski's net income for 20X8 in U.S.dollars (include the remeasurement gain or loss in Ski's net income) ? A) $238,000 B) $228,000 C) $219,500 D) $202,000 Assume Ski's revenues,purchases,operating expenses,depreciation expense,and income taxes were incurred evenly throughout 20X8.
-Refer to the above information.Assuming the U.S.dollar is the functional currency,what is Ski's net income for 20X8 in U.S.dollars (include the remeasurement gain or loss in Ski's net income) ?


A) $238,000
B) $228,000
C) $219,500
D) $202,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q55: On January 1,20X8,Pullman Corporation acquired 75 percent

Q56: South Company is a subsidiary of Pole

Q57: Michigan-based Leo Corporation acquired 100 percent of

Q58: Which combination of accounts and exchange rates

Q59: The British subsidiary of a U.S.company reported

Q61: Which of the following describes a situation

Q62: Briefly explain the following terms associated with

Q63: Prepare a schedule providing a proof of

Q64: The gain or loss on the effective

Q65: On January 1,20X8,Pace Company acquired all of

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents