The following assets are held by a subsidiary in a foreign country:

At what amount should be reported as total assets if the financial statement is to be translated as of Jan. 31?

At what amount should be reported as total assets if the financial statement is to be remeasured as of Jan. 31?

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Date Acquired Jan. 20 21 22 23 24 25 26 27 28 31 Total Asset Cash Accounts Receivable Accounts Receivable Inventory Inventory Equipment Building Land Investment in Bonds at Amortized Cost Amount In USD (Peso to Dollar) 100 300 200 400 350 1,000 5,000 4,000 500 Exchange Rate Initial Measurement In PHP 11,850 50.48 50.42 50.38 50.33 50.30 50.41 50.43 50.46 50.49 50.52 P5,048 15,126 10,076 20,132 17,605 50,410 252,150 201,840 25,245 597,632 Date Acquired Jan. 20 21 22 23 24 25 26 27 28 31 Total Asset Cash Accounts Receivable Accounts Receivable Inventory Inventory Equipment Building Land Investment in Bonds at Amortized Cost Amount In USD (Peso to Dollar) 100 300 200 400 350 1,000 5,000 4,000 500 Exchange Rate Initial Measurement In PHP 11,850 50.48 50.42 50.38 50.33 50.30 50.41 50.43 50.46 50.49 50.52 P5,048 15,126 10,076 20,132 17,605 50,410 252,150 201,840 25,245 597,632

Answer rating: 100% (QA)

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