Quadros Inc., a Portuguese firm was acquired by a U.S. company on January 1, 2017. Selected account balances are available for the year ended December 31, 2018, and are stated in Euro, the local currency. Sales€400,000 Inventory (bought on February 1, 2018) 20,000 Equipment (bought on January 1, 2017) 90,000 Dividends (paid on September 1, 2018) 20,000 Accumulated depreciation - Equipment 12/31/18 45,000 Depreciation expense - Equipment, 2018 9,000 ??Relevant exchange rates for 1 Euro are given below:? January 1, 2017$0.91January 1, 20180.93February 1, 20180.94September 1, 20180.97December 31, 20181.014th quarter average, 20170.904th quarter average, 20180.98Average, 20180.95?Assume the functional currency is the U.S. Dollar; compute the U.S. income statement
amount for depreciation expense for 2018.
A. $9,090.
B. $8,550.
C. $8,820.
D. $8,370.
E. $8,190.
Answer: E
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