the financial statements of malkin inc of russia as at december 31 year 11 follow the additional information section

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Accounts payable ……. RR 210,000
Miscellaneous payables …. 105,000
Bonds payable ……….. 600,000
Common shares ……. 850,000
Retained earnings ……. 650,000
RR 2,415,000
RETAINED EARNINGS STATEMENT
Balance, January 1 ……… RR 470,000
Net income ……….. 630,000
1,100,000
Dividends …………. 450,000
Balance, December 31 ….. RR 650,000
INCOME STATEMENT
Sales …………… RR 3,150,000
Cost of sales ……….. 1,680,000
Other expenses ………. 840,000
2,520,000
Net Income ………… RR 630,000
Required:
(a) Assume that Malkin functional currency is the Canadian dollar. Translate the financial statements into Canadian dollars for consolidation purposes.
(b) Assume that Malkin functional currency is the Russian ruble. Translate the balance sheet only into Canadian dollars for consolidation purposes.
(c) Explain whether the current rate method produces results that are consistent with the normal measurement and valuation of assets and liabilities for domestic transactions and operations.

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