Companies need to only consider the interests of the most influential stakeholders that influence customers' buying decisions when developing a new product or service

The boundaries of a domain decide the scope of domain analysis and provide a conceptual framework for organizing the information system into subsystems that correspond to the business workflow

Indicate whether the statement is true or false

A U.S. firm purchased 100% of a foreign firm on January 1, 2016, when the foreign firm had the following equity accounts:

Common stock 150,000 FC Paid-in excess of par value 50,000 FC Retained earnings 200,000 FC 400,000 FC The U.S. firm paid 420,000 FCs for the foreign firm. The payment in excess of book value is traceable to undervalued land owned by the foreign firm. The foreign firm had a net income of 25,000 FCs during 2016 . Assume that the following exchange rates are relevant: Date 1 FC equal to January 1, 2016 $2.00 December 31, 2016 $1.80 2016 average $1.95 Required: Prepare all the journal entries to record and update the investment account of the U.S. firm and the necessary eliminating and adjusting entries for the 2016 consolidated statement. Assume that the U.S. firm used the simple equity method.