课程名称︰高等会计学
课程性质︰会计系必修
课程教师︰许文馨
开课学院：管理学院
开课系所︰会计学系
考试日期（年月日）︰2014/05/13
考试时限（分钟）：90分钟
是否需发放奖励金：是~
（如未明确表示，则不予发放）
试题 :
一、(29分) Pet Corp. acquired 80% of the commons stock of Sul for $4,000,000
on Jan. 2, 2011, when the stockholders' equity of Sul consisted of
5,000,000 euros capital stock and 2,000,000 euros retained earnings.
The spot rate for euros on this date was $0.5. Any cost/book value
difference attributable to a patent is to be amortized over a 10-
year period, and Sul's funtional currency is the euro.
Accounts from Sul's adjusted trial balance in euros at Dec. 31, 2011,
are as follows:
Debits Credits
Cash €1,000,000 Accumulated depreciation €2,400,000
Account receivable 2,000,000 Account payable 3,600,000
Inventories 4,000,000 Capital stock 5,000,000
Equipment 8,000,000 Retained earnings 2,000,000
Cost of goods sold 4,000,000 Sales 10,000,000
Depreciation expenses 800,000
Operating expense 2,700,000
Dividends 500,000
Total €23,000,000 Total €23,000,000
Relevant exchange rated in U.S. dollars for euros are as follows:
Current exchange rate Dec. 31, 2011 $0.60
Average exchange rate 2011 $0.55
Exchange rate applicable to dividends $0.54
Required: 1. Prepare a translation worksheet for Sul at Dec. 31,2011.
2. Calculate Pet's income from Sul for 2011 on the basis
of a one-line consolidation.
3. Determine the correct balance of Pet's investment in Sul
at Dec. 31, 2011.
4. Prepare Pet's all entry under the equity method for 2011.
二、(16分) American TV Corp. had 2 foreign currency transaction during Dec.
2011, as follows:
Dec. 12: Purchased electronic parts from Toko Company of Japan at an
invoice price of 50,000,000 yen when the spot rate for yen
was $0.00750. Payment is due on Jan. 11, 2012.
Dec. 15: Sold TV sets to British Products Ltd. for 40,000 pounds when
the spot rate for British pounds and is due on Jan. 14, 2012.
Required: 1. Prepare journal entries to record the foregoing tran-
saction.
2. Prepare journal entries to adjust the accounts of Ame-
rican TV Corp. at Dec. 31, 2011, if the current exchange
rates are $0.00760 and $1.60 for Japanese yen and British
pounds, respectively.
3. Prepare journal entries to record payments to Toko
Company on Jan. 11, 2012, when the spot rate for Japanese
yen is $0.00765, and to record receipt from British
Products Ltd. on Jan. 14, 2012, when the spot rate for
British pounds if $1.63.
三、(40分) Par of Chicago acquired all the outstanding capital stock and Sar
Company of London on Jan. 1, 2011, for $1,300,000. The exchange rate
for British pounds was $1.60 and Sar's stockholders' equity was
￡800,000, consisting of ￡500,000 capital stock and ￡300,000 re-
tained earnings. The functional currency of Sar is the U.S. dollar.
Exchange rated for British pounds for 2011 are as follows:
Current rate Dec. 31, 2010 $1.60
Current rate Dec. 31, 2011 1.70
Average exchange rate for 2011 1.65
Exchange rate for dividends 1.64
Sar's cost of goods sold consists of ￡200,000 inventory on hand at
Jan. 1, 2011, and purchases of ￡600,000 less ￡150,000 inventory on
hand at Dec. 31, 2011, that was acquired at an exchange rate of
￡1.68. All of Sar's plant assets were on hand when Par acquired Sar,
and Sar's other expenses were paid in cash or relate to accounts
payable.
Required: 1. Prepare a remeasurement worksheet to restate Sar's
adjusted trial balance at Dec. 31, 2011, in U.S. dollars.
2. Prepare consolidation working papers entries for Par
Corp. and subsidiary for the year ended Dec. 31, 2011.
All the excess of cost over book value is treated as
goodwill.
四、(15分) (1) Assume that Pin's Corp., a U.S. company, has a 100% equity
investment in a British company, Ben Ltd, acquired at book value
equal to fair value. Ben's functional currency is the British pound.
The balance in investment at Dec. 31, 2011 is $1,280,000.
(2) In order to hedge its investment in Ben, Pin borrows ￡800,000
for 1 year at 12% interest on Jan. 1, 2012, at a spot rate of $1.60.
The loan is denominated in pounds, with principal and interest payable
on Jan. 1, 2013.
(3) On Nov. 1, 2012, Ben declares and pays ￡40,000 dividends when
the exchange rate is $1.75.
(4) For 2012, Ben reports net income of ￡160,000. The weighted
average exchange rate for translation of Ben's revenue and expenses
items for the year is $1.70, and the current exchange rate at Dec.
31, 2012, is $1.80.
Required: Prepare the journal entries for 2012.