rolan acquired 80 of ditto on january 1 2011 at that date the book value of ditto s 4373820

Rolan acquired 80% of Ditto on January 1, 2011. At that date, the book value of Ditto’s net assets was equal to their fair value. Rolan is a Canadian company that acquired ownership in Ditto, located in Russia, in order to have a local distribution centre for its product. Ditto has determined that the functional currency is the Russian ruble (RUB). Rolan has been consolidating with Ditto and presents using the Canadian dollar. The following exchange rates are relevant: January 1, 2011 ………… RUB 1 = C$0.034 December 31, 2011 ………. RUB 1 = C$0.047 December 31, 2012 ………. RUB 1 = C$0.053 Average 2013 ……….. RUB 1 = C$0.055 December 31, 2013 ……… RUB 1 = C$0.062 The retained earnings balance was C$875. Required Translate the 2013 Statement of Financial Position of Ditto for the purpose of consolidation in Canadian dollars. View Solution:
Rolan acquired 80 of Ditto on January 1 2011 At

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