The following balance sheet accounts of a foreign subsidiary at december 31, 2017, have been translated into u. s. dollars as follows:

translated at
current rates historical rates
accounts receivable, current $ 600,000 $ 660,000
accounts receivable, long-term 300,000 324,000
inventories carried at market 180,000 198,000
goodwill 190,000 220,000
$1,270,000 $1,402,000

what total should be included in the translated balance sheet at december 31, 2017, for the above items? assume the u. s. dollar is the functional currency

$1,300,000

Explanation:

The computation of the total amount included in the translated balance sheet is shown below:

= Account receivable at current rate + account receivable, long term at current rate  + inventories at current rate + goodwill at current rate

= $600,000 + $300000 + $180,000 + $220,000

= $1,300,000

We recorded at the current rate or lower value of current rate or historical rate but the goodwill is recorded at current rate

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