Solved

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

Question 10

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 the balance in Polaris's investment in foreign subsidiary account at December 31,2008? A) $3,303,400 B) $3,294,500 C) $3,323,400 D) $3,314,500 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 the balance in Polaris's investment in foreign subsidiary account at December 31,2008? A) $3,303,400 B) $3,294,500 C) $3,323,400 D) $3,314,500 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 the balance in Polaris's investment in foreign subsidiary account at December 31,2008? A) $3,303,400 B) $3,294,500 C) $3,323,400 D) $3,314,500 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 the balance in Polaris's investment in foreign subsidiary account at December 31,2008? A) $3,303,400 B) $3,294,500 C) $3,323,400 D) $3,314,500 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 the balance in Polaris's investment in foreign subsidiary account at December 31,2008?


A) $3,303,400
B) $3,294,500
C) $3,323,400
D) $3,314,500

Correct Answer:

verifed

Verified

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

Related Questions

Q5: Elan,a U.S.corporation,completed the December 31,20X8,foreign currency translation

Q6: Michigan-based Leo Corporation acquired 100 percent of

Q7: On January 2,20X8,Polaris Company acquired a 100%

Q8: Nichols Company owns 90% of the capital

Q9: On January 2,20X8,Polaris Company acquired a 100%

Q11: All of the following are benefits the

Q12: All of the following describe the International

Q13: For each of the items listed below,when

Q14: The Canadian subsidiary of a U.S.company reported

Q15: Stack Company is a subsidiary of Pile