Problem

Assume that the peso is the subsidiary’s functional currency. What balances does a consoli...

Assume that the peso is the subsidiary’s functional currency. What balances does a consolidated balance sheet report as of December 31, 2011?

a. Marketable equity securities = $16,000 and Inventory = $16,000.


b. Marketable equity securities = $17,000 and Inventory = $17,000.


c. Marketable equity securities = $19,000 and Inventory = $16,000.


d. Marketable equity securities = $19,000 and Inventory = $19,000.

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