Phi, a U.S. firm, acquired 100 percent of Stu's outstanding stock at book value on January 1, 2011, for $112,000. Stu is a New Zealand company, and its functional currency is the U.S. dollar. The exchange rate for New Zealand dollars (NZ$) was $0.70 when Phi acquired its interest. Stu's stockholders' equity on January 1, 2011, consisted of NZ$150,000 capital stock and NZ$10,000 retained earnings. The adjusted trial balance for Stu at December 31, 2011, is as follows:

ADDITIONAL INFORMATION1. Prepaid expenses (supplies) of NZ$18,000 were on hand when Phi acquired Stu. Other operating expenses include NZ$8,000 of these supplies that were used in 2011. The remaining NZ$10,000 of supplies is on hand at year-end.2. The NZ$120,000 cost of sales consists of NZ$50,000 inventory on hand at January 1, 2011, and NZ$100,000 in purchases during the year, less NZ$30,000 ending inventory that was acquired when the exchange rate was $0.66.3. The NZ$60,000 of equipment consists of NZ$50,000 included in the business combination and NZ$10,000 purchased during 2011, when the exchange rate was $0.68. A depreciation rate of 20 percent is applicable to all equipment for 2011.4. Exchange rates for 2011 are summarized as follows:Current exchange rate January 1, 2011 ....... $0.70Exchange rate when new equipment was acquired .... 0.68Average exchange rate for 2011 ......... 0.67Exchange rate for December 31, 2011, inventory ... 0.66Exchange rate for dividends ........... 0.66Current exchange rate December 31, 2011 ..... 0.65REQUIRED:Prepare a worksheet to remeasure the adjusted trial balance of Stu Corporation into U.S. dollars at December 31, 2011.

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Debits Cash NZ$ 15,000 Accounts receivable-net 60,000 30,000 10,000 45,000 60,000 120,000 12,000 28,000 Inventories Prepaid expenses Land Equipment Cost of sales Depreciation expense Other operating expenses Dividends 20,000 NZ$400,000 Credits NZ$ 22,000 Accumulated depreciation Accounts payable Capital stock Retained earnings 18,000 150,000 10,000 200,000 NZ$400,000 Sales