A Canadian subsidiary of a U. S. parent firm is instructed to bill an export to the parent in U. S. dollars. The Canadian subsidiary records the accounts receivable in Canadian dollars and notes a profit on the sale of goods. Later, when the U. S. parent pays the subsidiary the contracted U. S. dollar amount, the Canadian dollar has appreciated 10% against the U. S. dollar. In this example, the Canadian subsidiary will record a

As a result of a thorough physical inventory, waterway company determined that it had inventory worth $320200 at december 31, 2020. this count did not take into consideration the following facts: walker consignment currently has goods worth $47400 on its sales floor that belong to waterway but are being sold on consignment by walker. the selling price of these goods is $75900. waterway purchased $21900 of goods that were shipped on december 27, fob destination, that will be received by waterway on january 3. determine the correct amount of inventory that waterway should report.