Business, 19.05.2020 17:00 ian2006huang

DingDong Co. was formed on January 1, 2018 as a wholly owned foreign subsidiary of a U. S. corporation. Ding Dongs functional currency was the stickle (§). The following transactions and events occurred during 2018: Jan. 1 DingDong issued common stock for §1,000,000. June 30 DingDong paid dividends of §20,000. Dec. 31 DingDong reported net income of §80,000 for the year. Exchange rates for 2018 were: Jan.1 § 1 = $ 0.48 June 30 § 1 = $ 0.46 Dec.31 § 1 = $ 0.42 Weighted average rate for the year § 1 = $ 0.44 What exchange rate should have been used in translating Ding Dongs revenues and expenses for 2018

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