Assume that Intel has a subsidiary company based in Japan.
1. Translate into dollars the foreign-currency balance sheet of the Japanese subsidiary of Intel.
When Intel acquired this subsidiary, the Japanese yen was worth $0.0064. The current exchange rate is $0.0083. During the period when the subsidiary earned its income, the average exchange rate was $0.0070 per yen. (pp. 559–560) Before you perform the foreign-currency translation calculations, indicate whether Intel has experienced a positive or a negative translation adjustment. State whether the adjustment is a gain or a loss, and show where it is reported in the financial statements. (pp. 555–556, 559–560)
2. To which company does the foreign-currency translation adjustment “belong”? In which company’s financial statements will the translation adjustment be reported? (pp. 559–560)
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