Certain balance sheet accounts of a foreign subsidiary of Paul Inc. at December 31, year 1, have been translated in US dollars as follows: Translated at Current Rates Historical Rates Note recievable, long term P 240,000 P 200,000 Prepaid rent 85,000 80,000 Patent 150,000 170,000 P 475,000 P 450,000 The subsidiary's functional currency is the currency of the country in which it is located. 1. What total amount should be sincluded in Paul's December 31, year 1 consolidated balance sheet for the above account?
Certain balance sheet accounts of a foreign subsidiary of Paul Inc. at December 31, year 1, have been translated in US dollars as follows:
Translated at
Current Rates Historical Rates
Note recievable, long term P 240,000 P 200,000
Prepaid rent 85,000 80,000
Patent 150,000 170,000
P 475,000 P 450,000
The subsidiary's functional currency is the currency of the country in which it is located.
1. What total amount should be sincluded in Paul's December 31, year 1 consolidated balance sheet for the above account?
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