Darron Co. was formed on January 1, 2011 as a wholly owned foreign subsidiary of a U. corporation. Darron’s functional currency was the stickle ().
Darron Co. was formed on January 1, 2011 as a wholly owned foreign subsidiary of a U.S. corporation. Darron’s functional currency was the stickle (§). The following transactions and events occurred during 2011:Jan. 1 Darron issued common stock for §1,000,000.June 30 Darron paid dividends of §20,000.Dec. 31 Darron reported net income of §80,000 for the yearExchange rates for 2011 were:Jan 1 $1 = §.48June 30 […]