Balances Balances Accounts Payable Dividends Payable. Notes Payable Bonds Payable. Captial Stock.. Paid-In Captial in Excess of par Value Retained Earnings Cash 126,000 100,000 94,000 274,000 100,000 210,000 530,000 50,000 Receivables (net) Prepaid Assets . Invetory Depreciable Assets (net) 169,000 24,000 304,000 780,000 125,000 Other Assets Cost of Sales 315,000 Sales Depreciation Expense Other Expenses. Dividends Declared. 60,000 640,000 147,000 100,000 Total.. 2,074,000 Total. 2,074,000
Campione Manufacturing acquired an 80% interest in DaLuca Distributors, a foreign corporation established on November 1, 2010, for 650,000 foreign currency units (FC). Campione acquired its 80% interest on June 30, 2012, when DaLuca’s shareholders’ equity consisted of capital stock, paid-in capital in excess of par, and
FC Net Income FC Dividends
Last half of 2012 . . . . . . . . . . . . . . . . . . .75,000 —
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135,000 60,000
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .160,000 80,000
The above dividends were declared at year-end.
DaLuca’s condensed
The current-year dividend was declared on November 30, 2015. The FC is DaLuca’s functional currency, and selected exchange rates between the FC and the dollar are as follows:
| 1 FC= | 1 FC= |
|
November 1, 2010. . . . . . . . . $1.80 June 30, 2012. . . . . . . . . . . . . . 1.90 Last 6 months of 2012 average .0.92 December 31, 2012 . . . . . . . 1.94 2013 Average.. . . . . . . . . . . . . 2.05
|
December 31, 2013 . . . . . . . $2.07 2014 Average. . . . . . . . . . . . . 2.02 December 31, 2014 . . . . . . . . 2.00 2015 Average. . . . . . . . . . . . . 1.95 November 30, 2015 . . . . . . . . 1.94 December 31, 2015 . . . . . . . . . 1.93 |
Prepare the translated trial balance for DaLuca and prepare all of the elimination and
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