A Kuwaiti subsidiary of Hiawatha Corp (a U.S. firm) has certain balance sheet accounts on December 31, 2017 . The functional currency is the U.S. dollar and currency of record is the dinar and the parent's books are kept in U.S. dollars
Information relating to these account in U.S. dollars is as follows:
Translated at
Current Rate Historical Rate
Cash $150,000 $150,000
Accounts Receivable 115,000 110,000
Inventories 285,000 255,000
Prepaid Insurance 12,000 10,000
Land 90,000 180,000
Buildings 500,000 800,000
Required:
From the above information, prepare the asset portion of the subsidiary's trial balance.
Cash $ 150,000
Accounts Receivable 115,000
Inventories 255,000
Prepaid Insurance 10,000
Land 180,000
Building 800,000
Total Assets $1,510,000
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