A foreign subsidiary of Dallas Jeans Corp (a U.S. firm) has certain balance sheet accounts on December 31, 2019 . The functional currency is the U.S. dollar and currency of record is the peso and the parent's books are kept in U.S. dollars
Information relating to these accounts in U.S. dollars is as follows: Re-measureRe-measured at Current Rate Historical Rate Accounts Receivable $175,000 $190,000 Inventories 400,000 450,000 Prepaid Insurance 40,000 45,000 Land 30,000 100,000 What amount should be included as total assets on Dallas Jean's balance sheet on December 31, 2019 as the result of the above information? a. $645,000
b. $765,000
c. $770,000
d. $785,000
c
Business
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