The following accounts are denominated in rubles as of December 31, 2020. For reporting purposes, these accounts need to bestated in U.S. dollars. For each account, indicate the exchange rate that would be used to translate the ruble balance into U.S. dollarsunder 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:201520162018January 1, 2020April 1, 2020July 1, 2020October 1, 2020December 31, 2020Average for 20201 ruble.1111111====$0.280.260.250.240.230.220.200.160.19 Accounts payableAccounts receivableAccumulated depreciation-buildingsAdvertising expenseAmortization expense (patents)BuildingsCashCommon stockDepreciation expenseDividends (10/1/20)Notes payable-due in 2023Patents (net)Salary expenseSales$$$$$$$$$LA LA LA LA$$$Answer is complete but not entirely correct.Translation0.16 Current rate0.16✔Current rateCurrent rate0.160.190.19✔0.16Average rateAverage rateCurrent rate0.16 Current rate0.28✔ Historical rate0.16 Average rate0.20✔ Historical rate0.16 Current rate0.16 Current rate0.19Average rate0.19Average rate✓ $✓ $✓ $✓$✓ $✓ $✓ $✓ $✓ $✓ $✓ $✓ $✓ $✓ $Remeasurement0.16 X0.16 X0.26 X0.19 X0.25 X0.26 X0.16 X0.28 x0.26 X0.20 x0.16 X0.25 X0.19 X0.19 X

Indicate the exchange rate that would be used if a translation were to be performed using the…

The following accounts are denominated in rubles as f 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 2016 2018 January 1, 2020 April 1, 2020 July 1, 2020 October 1, 2020 December 31, 2020 Average for 2020 1 ruble 1 1 1 1 1 1 1 1 = = = = = $ 0.28 0.26 0.25 0.24 0.23 0.22 0.20 0.16 0.19

The following accounts are denominated in rubles as f 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 2016 2018 January 1, 2020 April 1, 2020 July 1, 2020 October 1, 2020 December 31, 2020 Average for 2020 1 ruble 1 1 1 1 1 1 1 1 = = = = = $ 0.28 0.26 0.25 0.24 0.23 0.22 0.20 0.16 0.19

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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