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Cooper Grant is the president of Acme Brush of Brazil, the wholly ownedBrazilian subsidiary of U.S.-based Acme Brush Inc. Cooper Grant’s compensationpackage consists of a combination of salary and bonus. His annual bonus iscalculated as a predetermined percentage of the pre-tax annual income earned byAcme Brush of Brazil. A condensed income statement for Acme Brush of Brazil forthe most recent year is as follows ( amounts in thousands of Brazilian reals [BRL ]):Sales . . … . . …. . ..BRL 10000.. . … .Expenses …………….. .9500Pre-tax income …… .. BRL 500… . . .After translating the Brazilian real income statement into U.S. dollars, the condensedincome statement for Acme Brush of Brazil appears as follows (amountsin thousands of U.S. dollars [US$]):Sales …… . ….. . …. . ….US$3000 . .Expenses ……………….. .3300Pre-tax income (loss) .. .. . US$(300). . . .. . .Required:a. Explain how Acme Brush of Brazil’s pretax income (in BRL) became a U.S.dollarpretax loss.b. Discuss whether Cooper Grant should be paid a bonus or not.
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