Question: A US parent has a foreign subsidiary whose functional currency is the Euro. The subsidiary's year - end trial balance shows: cash 4 0 ,

A US parent has a foreign subsidiary whose functional currency is the Euro. The subsidiary's year-end trial balance shows: cash 40,000; inventory 30,000; fixed assets \(60,000\). Year-end EUR/USD rate is 1.20 ; average rate is 1.10; historical rate for fixed assets is 1.00. Translate the subsidiary's balance sheet items to USD.
A US parent has a foreign subsidiary whose

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