Gale Co Was Formed on January 1, 2021 as a Wholly

question 80

Multiple Choice

Gale Co. was formed on January 1, 2021 as a wholly owned foreign subsidiary of a U.S. corporation. Gale's functional currency was the stickle (§) . The following transactions and events occurred during 2021: Exchange rates for 2021 were:
What exchange rate should have been used in translating Gale's revenues and expenses for 2021?

• A)$1 = §0.50.
• B)$1 = §0.46.
• C)$1 = §0.47.
• D)$1 = §0.44.
• E)$1 = §0.48.

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Definitions:

Function

A relationship involving various inputs and permissible outputs, with the premise that each input is connected to exactly one output.

Thermostat

A device used to maintain the temperature of a system at a desired setpoint by regulating the flow of heat energy.

Degrees Fahrenheit

A scale of temperature on which water freezes at 32° and boils at 212° under standard conditions.

Domain

The collection of all potential x-values for which a given function exists.