Question: Please use the information below to answer part A and B. Certain balance sheet accounts of a foreign subsidiary of the Jamal Company had been

Please use the information below to answer part A and B.

Certain balance sheet accounts of a foreign subsidiary of the Jamal Company had been stated in U.S. dollars as follows:

	Stated at
	Historical Rates	Current Rates
Accounts receivable	$ 130,000	$ 135,000
Notes receivable - long term	150,000	155,000
Investments (at fair value)	145,000	150,000
Prepaid Insurance	60,000	62,000
Equipment (net)	115,000	121,000
Totals	$ 600,000	$ 623,000

A: Assuming the functional currency of the subsidiary is the U.S. dollar, what total should be included in Jamals consolidated balance sheet for the above items?

B: Assuming the functional currency of the subsidiary is the local currency, what total should be included in Jamals consolidated balance sheet for the above items?

THE ABOVE INFORMATION WAS ALL THAT WAS GIVEN. Please show work and highlight answer. PLEASE COMPLETE ALL PARTS AS IT IS A COMPOUNDING QUESTION and as part of Chegg's guidelines, compounding questions must be answered up to 4 parts.

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