Scenic View Winery Case You have just come back from your meeting with Hector and Sophia Perez, owners of Scenic View Winery, and are organizing your…

1. Calculate the foreign exchange gain and loss assuming:

a. The company is integrated and the functional currency is the Canadian dollar.

b. The company is self-sustaining and the functional currency is the US dollar.

2. Discus all the factors you considered to enable you to

conclude on the functional currency of RFV and which translation method to use.

3. Based on your conclusion above, translate RFV’s financial statements, including

the Statement of Financial Position and Statement of Comprehensive Income.

Please show all your calculation in Excel.

a. Where applicable, your worksheet should show three columns: (1) the

account value in foreign currency, (2) the exchange rate used, and (3) the

translated balance.

b. For accounts that require a more involved calculation to translate, the

supporting calculation for the translated value should be shown in a

supporting footnote.

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Scenic View Winery Case You have just come back from your meeting with Hector and Sophia Perez, owners ofScenic View Winery, and are organizing your notes. As the new accountant for the winery,the meeting was to bring you up to speed with the company‘s history, organization structureand upcoming eventsfchallenges. Scenic View Winery is a family owned and run winery that has been in operation since the1950‘s when Hector’s parents moved into the Okanogan Valley and purchased their firstgrape orchard. Over the years, the winery has been successful in developing its specialbrands of chardonnay and ice wines which are marketed in Canada and around the world. In the past number of years, the demand for wine has grown as young adult consumershave begun to discover the heaith benefits of moderate wine consumption. As a result ofthis, Scenic View Winery made the choice in January 2014 to expand its operations bypurchasing a T595 controlling interest in another family run winery called Setting SunVineyards. Setting Sun Vineyards is located in the Niagara region and is known for itspremium merlot. Scenic View makes annual purchases of this wine to sell it in its ownwinery that each year sees thousands of visitors from around the worid as they vacation inthe picturesque Ulcanogan Valley. With the political situation changing in the United States and the speculation of increasedcross border tariffs, Scenic View wanted to find an American winery that could be used as adistribution center for its wines to the American consumer. It was important to Hector andSophia to find a winery that shared the same family values and commitment to high qualitywine as they possessed. Aiter some searching, Hector found another family run winerylocated in the Willamette Valley of Oregon state called Redford Family Vineyards. Althougha smail operation, the Redford Family Vineyard had a reputation of excellence and had anelite pinot noir wine that had won a national award. Bmce and Aiice Redford were the soleowners of Redford Family Vineyard and were at the stage of life where they wanted toretire, but none of their children were interested in carrying on the winery. They were opento selling, but stiil wanted to keep an interest in the winery as a means to supplement theirretirement savings. After several meetings to discuss specifics, an arrangement wasagreed to that would be beneficial to both parties and subsequently, Scenic View acquired a90% interest in Redford Familry Vineyards as of January 1, 201?.

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