A transfer price is a price on goods and services sold by one member of a corporate family to another.

If the nominal exchange rate between the American dollar and the Canadian dollar is 0.89 Canadian dollars per American dollar, how many American dollars are required to buy a product that costs 2.5 Canadian dollars?

A) $1.32 B) $2.23 C) $2.75 D) $2.81

An income statement shows a firm's revenue, costs, and profit

A) since the firm has been in operation. B) for the firm's fiscal year. C) only if the firm is earning an accounting profit. D) for a particular day.