A subsidiary of a U.S. company began operations on January

A subsidiary of a U.S. company began operations on January I, 2014, in a country whose currency is identified as hyperinflationary. The subsidiary's local currency (LC) is its functional currency. The subsidiary's trial balances as of the beginning and end of 2014, in LC, are as follows (in millions):
A subsidiary of a U.S. company began operations on January

Sales and out of pocket operating expenses were incurred evenly throughout the year. The general price-level index for the country in which the subsidiary operates is:

A subsidiary of a U.S. company began operations on January

Exchange rates (U.S. $/LC) are:

A subsidiary of a U.S. company began operations on January

Required
Present the subsidiary's balance sheet at December 31, 2014 and income statement for 2014, in U.S. dollars, following (a) U.S. GAAP, and (b) IFRS. Include schedules of any gain or loss on conversion.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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