CONFESSIONS5777 CONFESSIONS5777

06-06-2024
Business

Answered

Pemex's foreign subsidiary, Semex, had stockholder's equity of 500,000 LCU on Jan. 1, 2026. For 2026, Semex reported net income of 100,000 LCU. On Feb. 1, 2026, Semex declared and paid a dividend of 20,000 LCU. Pemex uses the current rate method. Direct exchange rates information follows:
Jan. 1, 2026 - P0.78
Feb. 1, 2026 - P0.75
Ave. Rate for 2026 - P0.70
Dec. 31, 2026 - P0.65

What is the net effect of the above transactions on retained earnings?
a. 48,000 increase
b. 50,000 increase
c. 55,000 increase
d. None of the above

Answer :

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