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Quadros Inc., a Portuguese firm was acquired by a U.S. company on January 1, 2020. Selected account balances are available for the year ended December 31, 2021, and are stated in Euro, the local currency.
Sales € 400,000 Inventory (bought on February 1, 2021) 20,000 Equipment (bought on January 1, 2020) 90,000 Dividends (paid on September 1, 2021) 20,000 Accumulated depreciation−Equipment 12/31/21 45,000 Depreciation expense−Equipment, 2021 9,000 Relevant exchange rates for 1 Euro are given below:
January 1, 2020 $0.91
January 1, 2021 0.93
February 1, 2021 0.94
September 1, 2021 0.97
December 31, 2021 1.01
4th quarter average, 2020 0.90
4th quarter average, 2021 0.98
Average, 2021 0.95
Assume the functional currency is the U.S. Dollar; compute the U.S. income statement amount for depreciation expense for 2021.
Multiple Choice
a. $8,190.
b. $8,370.
c. $8,820.
d. $9,090.



Answer :

the functional currency is the U.S. Dollar; compute the U.S. income statement amount for depreciation expense for 2021 is $9090.

Expense

An expense is defined as any thing that necessitates the payment of money, or any type of fortune in general, to another person or organization in exchange for an item, service, or other category of charges. Rent is a cost for a renter. Tuition is an expenditure for both students and parents. Purchasing food, clothing, furniture, or a car is frequently referred to as a cost. A cost that is "paid" or "remitted" in return for anything of value is referred to as an expense. "Expensive" refers to something that appears to be very expensive. "Inexpensive" refers to something that appears to be inexpensive. "Table expenditures" are expenses for meals, refreshments, a feast, and so on.

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