On October 2, 20X8, Penn purchases goods for a U.S. dollar e…

On October 2, 20X8, Penn purchases goods for a U.S. dollar equivalent of $19,000 from a Swiss company. The transaction is denominated in Swiss francs (SFr). The payment is made on November 10. The exchange rates were as follows. Exchange Rates Date Currency Exchange rate October 2 1 Swiss franc =    $    0.95 November 10 1 Swiss franc =    $    0.92 What entry is required to re-value foreign currency payable to U.S.-dollar-equivalent value on November 10? (Hint: Translate accounts payable into Swiss francs first.) Options for Entry Required to Re-value Foreign Currency Option Accounts and explanation Debit Credit A Foreign currency transaction loss 570      Accounts payable (SFr) 570 B Accounts payable (SFr) 600      Foreign currency transaction gain 600 C Foreign currency transaction loss 600      Accounts payable (SFr) 600 D Accounts payable (SFr) 570      Foreign currency transaction gain 570  

Tyson, a holder of a $2,000,000 Penn bond, collected the int…

Tyson, a holder of a $2,000,000 Penn bond, collected the interest due on June 30, 20X4, and then sold the bond to Senn for $1,920,000. On that date, Penn, an 80% owner of Senn, had a $2,085,000 carrying amount for this bond. What was the effect of Senn’s purchase of Penn’s bond on the consolidated income and income to the non-controlling interest reported in Penn’s June 30, 20X4, consolidated income statement (hint: downstream)? Effect Choices Option Consolidated income Income to non-controlling interest(NCI in NI) A $132,000 increase $33,000 increase B $165,000 increase $0 C $0 $33,000 increase D $0 $165,000 increase