solved Assignment 03undefinedDetermine the Direct and Indirect exchange rates of any

Assignment 03undefinedDetermine the Direct and Indirect exchange rates of any two currencies on the two dates and show the impact of changes in exchange rates on Imports and Exports. (Note: You can assume any two currencies and any two dates). (2 Marks)On Jan, 1 2014, Peter Corp. (a U.S. based company) formed a new subsidiary in Saudi Arabia, Saeed Inc., with an initial investment of 30,000 SAR.Anwar and Bravo wish to form the A&B partnership.Anwar contributes land with a book value of $ 175,000 (current value of $200,000) and a building with a book value of $200,000 (current value of $300,000).Bravo will contribute cash. If the partners plan to share profits and losses equally after the formation of the partnership and assuming they have agreed to equal capital contributions, how much cash will Bravo have to contribute to form the partnership? Pass Journal entry to be recorded in A&B Firm.(1 Mark)undefinedAssume Saeed Inc.undefinedPurchases inventory evenly throughout 2014. The ending inventory is purchased Nov. 30, 2014.undefinedUses straight-line depreciation on fixed assets.undefinedDeclares and pays dividends on Nov. 30, 2014.undefinedPurchased the fixed assets on April 1, 2014.undefinedUses SAR as the functional currency.undefinedExchange Rates are given:undefinedJan 1, 20140.260undefinedApril 1, 20140.255undefinedNov. 30, 20140.240undefinedDec. 31, 20140.238undefinedundefinedREQUIREDundefinedPrepare a schedule to translate Saeed’s financial statements on Dec. 31, 2014 to U.S. dollars.(2 Marks)undefined Accounts SAR Cash 5000 Account Receivable 12000 Inventory 32000 Note Receivables 5000 Plant & Equipment 70000 Cost of Goods sold 32000 Depreciation 2000 Other Expenses 18000 Dividends 16000 Total Debits 192000 ACC. OC – Translation Adjustment (Debit) Adjusted Total Credit Accumulated Depreciation 2000 Account Payable 12000 Bonds Payable 36000 Mortgage Payable 46000 Common Stock 30000 Sales 66000 Total Credits 192000