Gale Co. was formed on January 1, 2021 as a wholly owned foreign subsidiary of a U.S. corporation. Gale's functional currency was the stickle (§). The following transactions and events occurred during 2021: Exchange rates for 2021 were: What exchange rate should have been used in translating Gale's revenues and expenses for 2021?
A) $1 = §0.50.
B) $1 = §0.46.
C) $1 = §0.47.
D) $1 = §0.44.
E) $1 = §0.48.

Question

Gale Co. was formed on January 1, 2021 as a wholly owned foreign subsidiary of a U.S. corporation. Gale's functional currency was the stickle (§). The following transactions and events occurred during 2021:  Exchange rates for 2021 were:  What exchange rate should have been used in translating Gale's revenues and expenses for 2021?
A) $1 = §0.50. 
B) $1 = §0.46. 
C) $1 = §0.47. 
D) $1 = §0.44. 
E) $1 = §0.48.

Quizplus · Accepted Answer

The Answer of Gale Co. was formed on January 1, 2021 as a wholly owned foreign subsidiary of a U.S. corporation. Gale's functional currency was the stickle (§). The following transactions and events occurred during 2021:  Exchange rates for 2021 were:  What exchange rate should have been used in translating Gale's revenues and expenses for 2021?
A) $1 = §0.50. 
B) $1 = §0.46. 
C) $1 = §0.47. 
D) $1 = §0.44. 
E) $1 = §0.48.

Gale Co Was Formed on January 1, 2021 as a Wholly