Mankato, Inc., purchased Kyoto Manufacturing Company, a Japanese company, on January 4, 2011. On the date of purchase, the exchange rate for 1 Japanese yen was U.S. $0.007. The balance sheet for Kyoto Manufacturing Co.,on the date of purchase is shown below:
Kyoto Manufacturing Co.
Balance Sheet
January 4, 2011
(in Japanese yen)

Required:
Prepare a translated balance sheet as of January 4, 2011.

Question

Mankato, Inc., purchased Kyoto Manufacturing Company, a Japanese company, on January 4, 2011. On the date of purchase, the exchange rate for 1 Japanese yen was U.S. $0.007. The balance sheet for Kyoto Manufacturing Co.,on the date of purchase is shown below:
Kyoto Manufacturing Co.
Balance Sheet
January 4, 2011
(in Japanese yen)
  
Required:
Prepare a translated balance sheet as of January 4, 2011.

Quizplus · Accepted Answer

The Answer of Mankato, Inc., purchased Kyoto Manufacturing Company, a Japanese company, on January 4, 2011. On the date of purchase, the exchange rate for 1 Japanese yen was U.S. $0.007. The balance sheet for Kyoto Manufacturing Co.,on the date of purchase is shown below:
Kyoto Manufacturing Co.
Balance Sheet
January 4, 2011
(in Japanese yen)
  
Required:
Prepare a translated balance sheet as of January 4, 2011.