Answer:
B) the current exchange rate on the date of preparation of the financial statement.
Explanation:
All foreign asset accounts have to be translated at current rates. This means that they have to use the exchange rate that was valid during the time the financial statements were being prepared.
This same rule applies to anyone that has gone on vacations to a foreign country. When you come back you exchange whatever foreign money you have left to US dollars and this will be done using that day's valid exchange rate.
Answer:
The correct option is A
Explanation:
Capitalization is the term or the process in which there is an addition of the interest which is unpaid to the principal amount of the loan. And the principal or the original amount of the loan increases or rises when the payments got postponed during the deferment periods and then the interest which is unpaid is capitalized.
So, it will be capitalized whether or not there is particular or the specific amount of borrowing for the construction.
A credit report is a detailed report of an individual's credit history.
Answer:
Dr Depot $639,700
Cr Cash $639,700
Dr Depot $40,070
Cr Asset retirement obligation $40,070
Explanation:
Sandhill Company Journal entries
Dr Depot $639,700
Cr Cash $639,700
Dr Depot $40,070
Cr Asset retirement obligation $40,070
