Translate Wilsen's December 31, 2017 Balance Sheet if Wilsen was considered to be a self-sustaining foreign operation (i.e., the functional currency of the foreign operation is different than the parent).
On December 31, 2016, Hilman Enterprises of Montreal paid $12,000,000 for 100% of the outstanding shares of Wilsen Corp of the United States. Wilsen's fair values approximated its book values on that date.
Wilsen's comparative balance sheets for 2016 and 2017 are shown below:
Wilsen paid US$100,000 in dividends on September 30, 2017.The inventories on hand at the end of 2017 were purchased when the exchange rate was US$1 = CDN$1.195.
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