Business, 11.02.2020 19:18 nady82

The Isle of Palms Company (IOP), a U. S.-based entity, has a wholly owned subsidiary in Israel that has been determined as having the Israeli shekel (ILS) as its functional currency. On October 1, 2016, the Israeli subsidiary borrowed 500,000 Swiss francs (CHF) from a bank in Geneva for two years at an interest rate of 5 percent per year. The note payable and accrued interest are payable at the date of maturity. On December 31, 2017, the Israeli subsidiary has the following foreign currency balances on its books:
Interest expense CHF 25,000
Interest payable CHF 31,250
Note payable CHF 500,000
Relevant exchange rates between the Israeli shekel (ILS) and Swiss franc (CHF), and between the U. S. dollar (USD) and Israeli shekel (ILS) follow:
ILS per CHF USD per ILS
October 1, 2016 3.86 0.30
January 1, 2017 3.91 0.29
Average for 2017 3.95 0.27
December 31, 2017 4.02 0.25
a. Determine the Israeli shekel amounts at which the Swiss franc balances should be reported on the Israel subsidiary's December 31, 2015, trial balance.
b. Determine the US dollar amounts at which the Swiss franc balances should be include in IOP's 2015 consolidated financial statements.

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The Isle of Palms Company (IOP), a U. S.-based entity, has a wholly owned subsidiary in Israel that...

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