The subsequent accounts are denominated in pesos as of 31st December, 2013. For reporting purposes, these amounts need to be stated in U.S. dollars. For each balance, point out the exchange rate that would be used if a translation is made under current rate method. Then, again for each account, give the exchange rate that would be required if a measurement is being made using temporal method. The corporation was started in 2000. The buildings were acquired in 2002 and patents in 2003.
Accounts Payable
Account Receivable
Advertising Expense
Accumulated Depreciation
Amortization expense (patents)
Buildings
Cash
Depreciation expense
Common Stock
Dividends paid (10/13)
Patents (nets)
Notes payable-due in 2016
Salary expense
Sales
Exchange rates for 1 peso are as follows:
2000 1 peso=$0.28
2003 1=0.25
2002 1=0.26
January 1, 2013 1=0.24
April 1, 2013 1=0.23
July 1, 2013 1=0.22
October 1, 2013 1=0.20
December 1, 2013 1=0.16
Average for 2013 1=0.19