Boerkian Co

question 76

Essay

Boerkian Co. started 2021 with two assets: Cash of §26,000 (Stickles)and Land that originally cost §72,000 when acquired on April 4, 2018. On May 1, 2021, the company rendered services to a customer for §36,000, an amount immediately paid in cash. On October 1, 2021, the company incurred an operating expense of §22,000 that was immediately paid. No other transactions occurred during the year so an average exchange rate is not necessary. Currency exchange rates were as follows:
Required:Assume that Boerkian was a foreign subsidiary of a U.S. multinational company and the local currency of the subsidiary (stickle)is the functional currency. On the December 31, 2021 balance sheet, what was the translated value of the Land account?

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Definitions:

Least Squares Method

A mathematical technique used in regression analysis to minimize the sum of the squares of the differences between observed and predicted values.

Sum of Squares

A statistical measure that quantifies the total deviation of data points from their mean, often used in variance and standard deviation calculations.

Coefficient of Correlation

A statistical measure that calculates the strength and direction of the relationship between two variables.

Linear Relationship

A type of correlation where there is a constant rate of change between two variables.