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Watson Company has a subsidiary in the country of Alonza where the local currency unit is the kamel (KM). On December 31. 2014, the subsidiary has the following balance sheet:
Cash
KM 13.500
Notes payable (due 2016)
KM 30.000
Inventory
25.000
Common stock
26.000
Land
8.000
Retained earnings
13.000
Building
45.000
Accumulated depreciation
(22.500)
KM 69.000
The subsidiary acquired the inventory on August 1. 2014. and the land and buildings in 2000. It issued the common stock in 1998. During 2015. the following transactions took place:
The exchange rates for 1 KM are as follows:
1998
1 KM
=
$0.26
2000
1
0.24
August 1. 2014
0.34
December 31. 2014
0.36
February 1. 2015
0.38
May 1. 2015
0.40
June 1. 2015
0.42
August 1. 2015
0.44
September 1. 2015
0.46
October 1. 2015
0.48
November 1. 2015
0.50
December 1. 2015
0.52
December 31. 2015
0.56
Average for 2015
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