Business, 06.04.2021 01:10 mrashrafkotkaat

Patents are on the books of a British subsidiary of a U. S. firm at a value of 50,000 pounds. The patents were acquired in 2017 when the exchange rate was 1 pound = $1.50. The British subsidiary was acquired by the U. S. firm in 2019 when the exchange rate was 1 pound = $1.40. The exchange rate on December 31, 2020, the date of the most current balance sheet, is 1 pound = $1.55. The average rate of exchange for 2020 is $1.53. Assuming the dollar is the functional currency of the subsidiary, what exchange rate will be used to re-measure patents for the consolidated statements dated December 31, 2020?

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Patents are on the books of a British subsidiary of a U. S. firm at a value of 50,000 pounds. The pa...

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