Business, 19.12.2019 05:31 mtzann1568

Certain balance sheet accounts of a foreign subsidiary of rowan, inc., at december 31, year 1, have been translated into us dollars as follows:

translated at current rates:
note receivable, long term: $240,000
prepaid rent: $85,000
patent: $150,000
total: $475,000

translated at historical rates:
note receivable, long term: $200,000
prepaid rent: $80,000
patent: $170,000
total: $450,000

the subsidiary's functional currency is the currency of the country in which it is located. what total amount should be included in rowan's december 31, year 1 consolidated balance sheet for the above accounts?

a. $450,000
b. $455,000
c. $475,000
d. $495,000

Answers: 3

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Certain balance sheet accounts of a foreign subsidiary of rowan, inc., at december 31, year 1, have...

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