Reference no: EM132970836
Certain balance sheet accounts of a foreign (US) subsidiary of Kanchengjunga Company at December 31, 20x9, have been remeasured into Philippine pesos as follows:
Remeasured at Current Rates Historical Rates
Accounts receivable, current P 200,000 P 220,000
Accounts receivable, long-term 100,000 110,000
Prepaid Insurance 50,000 55,000
Goodwill 80,000 85,000
Totals P 430,000 P 470,000
Problem 1: What total amount should be included in Kanchengjunga's December 31, 20x9 consolidated balance sheet for the above accounts if subsidiary's foreign operation is integral to parent's operations?
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