Reference no: EM132970013
Certain balance sheet accounts of a foreign subsidiary of Fuji Company at December 31, 20x9, have been converted into Philippine pesos as follows:
Current Rates Historical Rates
Notes receivable, long term P 240,000 P 200,000
Prepaid interest 10,000 8,000
Prepaid rent 85,000 80,000
Patent 150,000 170,000
Marketable securities, at cost 120,000 130,000
Trademarks 50,000 55,000
Goodwill 200,000 210,000
Marketable securities, at market value 110,000 90,000
Inventories 90,000 95,000
Deferred charges 88,000 85,000
Accounts receivable 15,000 20,000
Cash 100,000 110,000
Customer list 60,000 70,000
Buildings (net) 400,000 420,000
Totals P1,718,000 P1,743,000
Problem 1: Assume that the LCU (local currency unit) is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 20x9?
Problem 2: Assume that the Philippine peso is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2019?
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