Required information Use the following information for Problems 10 and 11 [The following information applies to the questions displayed below.] A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2020, for 100,000 won each. It pays for both items on June 1, 2020, and they are still on hand at year-end. Inventory is carried at cost under the lower-of- cost-or-net realizable rule. Currency exchange rates in 2020 follow: January 1 April 1 June 1 December 31 $ 0.39 = 1 won 0.40 = 1 0.41 = 1 0.43 = 1 Assume that the won is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2020? Multiple Choice Marketable equity securities = $43,000 and Inventory = $43,000. Marketable equity securities = $41,000 and Inventory = $41,000. Marketable equity securities = $43,000 and Inventory = $40,000. o O Marketable equity securities = $40,000 and Inventory = $40,000. Assume that the U.S. dollar is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2020? Multiple Choice Marketable equity securities = $40,000 and Inventory = $40,000. Marketable equity securities = $43,000 and Inventory = $40,000. Marketable equity securities = $41,000 and Inventory = $41,000. O Marketable equity securities = $43,000 and Inventory = $43,000