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    Correct Exchange Rate Needed for Translation

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    Please explain what exchange rate is and the correct rate to use for translating the trial balance in this problem from the foreign currency to U.S. currency. Am I to assume that since the trial balance is year end that I would use only the year end rate of Nkr 0.20 for all of the amounts listed or am I do use different exchange rates?

    See the attached file.

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    Solution Summary

    The solution examines correct exchange rate needed for translation.