Reference no: EM133001768

Certain balance sheet accounts of a foreign subsidiary of Right Co. at December 31 have been translated into U.S. dollars as follows:

                                                   Translated at

                                       Current rates              Historical rates

Note receivable, long-term $240,000                  $200,000

Prepaid rent                         85,000                   80,000

Patent                              150,000                    170,000

                                          $475,000                 $450,000

Problem 1: The subsidiary's functional currency is the currency of the country in which it is located. What total amount should be included in Right's December 31 consolidated balance sheet for the above accounts?