Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Foreign currency remeasurement-Stockholders' equityA U.S.-based parent company acquired a European Union-based subsidiary many years ago. The subsidiary is in the service sector, and earns revenues and incurs expenses evenly throughout the year. The followingpreclosing trial balance includes the subsidiary's original Euros-based accounting information for the year ended December 31, 2022, immediately prior to closing the company's nominal accounts into the correspondingbalance sheet accounts. It also includes the information converted into $US based on the indicated exchange rates:$US ConversionDebits (Credits)Monetary AssetsNonmonetary assetsMonetary LiabilitiesNonmonetary liabilitiesContributed capitalRetained earnings (January 1, 2022)RevenuesExpensesDividendsTotalSelect one:Weighted-Euros Current Average Historical€140,000.00 $168,000 $172,200 $182,000560,000 672,000 688,800 728,000(70,000) (84,000) (86,100) (91,000)(350,000) (420,000) (430,500) (455,000)(168,000) (201,600) (206,640) (235,200)(70,000) (84,000) (86,100) (98,000)(630,000) (756,000) (774,900)560,000 672,000 688,80028,000 33,600 34,440€-a. $398,300b. $357,000✔c. $328,300Chapter 8 Homeworkn/an/a35,000The items in the current column are multiplied times the spot rate at December 31, 2022. The items in the weighted-average column are multiplied times the rate weighted monthly over the year ending December 31,2022. The individual items in the historical column are multiplied times the rate in effect at the later of the date the item originated or the acquisition date. When consolidating at December 31, 2021, the balance ofretained earnings was $112,000 (i.e., a credit balance). In addition, through December 31, 2021, regardless of whether the subsidiary was translated or remeasured, the sum of all currency conversion gains and losses wasan aggregate loss (i.e., a debit) of $70,000.For this question assume the subsidiary's functional currency is the $US. At December 31, 2022, what is the subsidiary's $US amount of total stockholders' equity (deficit) reported in the balance sheet?Le

Translation of financial statements refers to the process of converting the financial statements of…

A U.S.-based parent company acquired a European Union-based subsidiary many years ago. The subsidiary is in the service sector, and earns revenues and incurs expenses evenly throughout the year. The following preclosing trial balance includes the subsidiary's original Euros-based accounting information for the year ended December 31, 2022, immediately prior to closing the company's nominal accounts into the corresponding balance sheet accounts. It also includes the information converted into $US based on the indicated exchange rates: SUS Conversion Debits (Credits) Monetary Assets Nonmonetary assets Monetary Liabilities Nonmonetary liabilities Contributed capital Retained earnings (January 1, 2022) Revenues Expenses Dividends Total Weighted- Euros Current Average Historical €140,000.00 $168,000 $172,200 $182,000 560,000 672,000 688,800 728,000 (86,100) (91,000) (70,000) (84,000) (350,000) (420,000) (430,500) (455,000) (168,000) (201,600) (206,640) (235,200) (86,100) (98,000) (70,000) (64,000) (630,000) (756,000) (774,900) 560.000 672,000 688,800 28,000 33,600 34,440 €- n/a n/a 35,000 The items in the current column are multiplied times the spot rate at December 31, 2022. The items in the weighted-average column are multiplied times the rate weighted monthly over the year ending December 31, 2022. The individual items in the historical column are multiplied times the rate in effect at the later of the date the item originated or the acquisition date. When consolidating at December 31, 2021, the balance of retained earnings was $112,000 (ie, a credit balance). In addition, through December 31, 2021, regardless of whether the subsidiary was translated or remeasured, the sum of all currency conversion gains and losses was an aggregate loss (i.e., a debit) of $70,000. For this question assume the subsidiary's functional currency is the $US. At December 31, 2022, what is the subsidiary's $US amount of total stockholders' equity (deficit) reported in the balance sheet?