What amount does Newberry's consolidated balance sheet report for this inventory at December 31, 2017? a. $16,000.

Question:

What amount does Newberry's consolidated report for this inventory at December 31, 2017?
a. $16,000.
b. $17,000.
c. $18,000.
d. $19,000.
Newberry, Inc., whose reporting currency is the U.S. dollar ($), has a subsidiary in Argentina, whose functional currency also is the $. The subsidiary acquires inventory on credit on November 1, 2017, for 100,000 pesos that is sold on January 17, 2018, for 130,000 pesos. The subsidiary pays for the inventory on January 31, 2018. Currency exchange rates are as follows:
November 1, 2017 . . . . . . . . . . . . . . . . . . . . . . $0.16 = 1 peso
December 31, 2017 . . . . . . . . . . . . . . . . . . . ... . 0.17 = 1
January 17, 2018 . . . . . . . . . . . . . . . . . . . . . . ....0.18 = 1
January 31, 2018 . . . . . . . . . . . . . . . . . . . . . . . ... 0.19 = 1
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...