Reference no: EM132933348
Remeasured and Translated Trial Balance
On January 2, 2019, Maddox Corporation, headquartered in the U.S., established a wholly-owned subsidiary in Mexico City. An initial investment of P10,000,000 was made on that date; the exchange rate was $0.05/peso. During 2019, the following cash transactions occurred at the Mexico City subsidiary. All amounts are in pesos (P).
Facilities costs (January 2; 5-year life)P1,000,000
Purchase of office equipment (April 1; 10-year life)300,000
Sales12,000,000
Merchandise purchases9,000,000
Operating expenses3,000,000
The exchange rate was $0.06/P in April when the office equipment and P3,000,000 of merchandise were purchased. Sales, other merchandise purchases, and operating expenses were assumed to have been made or incurred at an average exchange rate of $0.07/P. At year-end, the exchange rate was $0.08/P and the ending inventory (FIFO) amounted to P2,000,000, purchased when the exchange rate was $0.07/P. All depreciation and amortization is straight-line.
Required
Problem a. Prepare the preclosing trial balance for the Mexico City subsidiary as of December 31, 2019, in U.S. dollars, the subsidiary's functional currency.
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