Teal inc a foreign corporation pays a dividend to its, Accounting Basics

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Teal inc a foreign corporation pays a dividend to its

Problem

Teal, Inc., a foreign corporation, pays a dividend to its shareholders on November 30. Red, Inc., a U.S. corporation and 7% shareholder in Teal, receives a dividend of 10,000K (a foreign currency). Pertinent exchange rates are as follows:

November 30 0.9K:$1

Average for year 0.7K:$1

December 31 0.95K:$1

What is the dollar amount of the dividend received by Red, Inc.?

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Accounting Basics: Teal inc a foreign corporation pays a dividend to its

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