he following accounts are denominated in rubles as of December 31, 2020. For reporting purposes, these accounts need to be stated in U.S. dollars. For each account, indicate the exchange rate that would be used to translate the ruble balance into U.S. dollars under the current rate method. The company was started in 2015. The buildings were acquired in 2016 and the patents in 2018. Exchange rates for 1 ruble are as follows: 2015 1 ruble = $ 0.28 2016 1 = 0.26 2018 1 = 0.25 January 1, 2020 1 = 0.24 April 1, 2020 1 = 0.23 July 1, 2020 1 = 0.22 October 1, 2020 1 = 0.20 December 31, 2020 1 = 0.16 Average for 2020 1 = 0.19
he following accounts are denominated in rubles as of December 31, 2020. For reporting purposes, these accounts need to be stated in U.S. dollars. For each account, indicate the exchange rate that would be used to translate the ruble balance into U.S. dollars under the current rate method. The company was started in 2015. The buildings were acquired in 2016 and the patents in 2018. Exchange rates for 1 ruble are as follows: 2015 1 ruble = $ 0.28 2016 1 = 0.26 2018 1 = 0.25 January 1, 2020 1 = 0.24 April 1, 2020 1 = 0.23 July 1, 2020 1 = 0.22 October 1, 2020 1 = 0.20 December 31, 2020 1 = 0.16 Average for 2020 1 = 0.19
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following accounts are denominated in rubles as of December 31, 2020. For reporting purposes, these accounts need to be stated in U.S. dollars. For each account, indicate the exchange rate that would be used to translate the ruble balance into U.S. dollars under the current rate method. The company was started in 2015. The buildings were acquired in 2016 and the patents in 2018.
Exchange rates for 1 ruble are as follows:
2015 | 1 ruble | = | $ | 0.28 |
2016 | 1 | = | 0.26 | |
2018 | 1 | = | 0.25 | |
January 1, 2020 | 1 | = | 0.24 | |
April 1, 2020 | 1 | = | 0.23 | |
July 1, 2020 | 1 | = | 0.22 | |
October 1, 2020 | 1 | = | 0.20 | |
December 31, 2020 | 1 | = | 0.16 | |
Average for 2020 | 1 | = | 0.19 | |
![Translation
Remeasurement
Accounts payable
Accounts receivable
Accumulated depreciation-buildings
Advertising expense
Amortization expense (patents)
Buildings
Cash
Common stock
Depreciation expense
Dividends (10/1/20)
Notes payable-due in 2023
Patents (net)
Salary expense
Sales](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F062f9891-b96b-4df8-9188-0c66a1ccf921%2F70be57f4-4ad8-4e71-b7a4-f4232b0d83f6%2Fxq76oo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Translation
Remeasurement
Accounts payable
Accounts receivable
Accumulated depreciation-buildings
Advertising expense
Amortization expense (patents)
Buildings
Cash
Common stock
Depreciation expense
Dividends (10/1/20)
Notes payable-due in 2023
Patents (net)
Salary expense
Sales
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