Certain balance sheet accounts of a foreign subsidiary of Roman, Inc., on December 31, 2010, have been translated into Philippine peso as follows: Translated at Note receivable, long term Prepaid rent Patent P240,000 P200,000 85,000 80,000 150,000 170,000 P475.000 P450,000 The subsidiary's functional currency is the currency of the country in which it is located. What total amount should be included in Roman's December 31, 2010 consolidated balance sheet for the above accounts? P450,000 P455,000 Current Rates P475,000 P495,000 Historical Rates

Certain balance sheet accounts of a foreign subsidiary of Roman, Inc., on December 31, 2010, have been translated into Philippine peso as follows: Translated at Note receivable, long term Prepaid rent Patent P240,000 P200,000 85,000 80,000 150,000 170,000 P475.000 P450,000 The subsidiary's functional currency is the currency of the country in which it is located. What total amount should be included in Roman's December 31, 2010 consolidated balance sheet for the above accounts? P450,000 P455,000 Current Rates P475,000 P495,000 Historical Rates

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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