Bangkok Instruments, Ltd., the Thai subsidiary of a U.S. corporation, is a seismic instrument manufacturer. Bangkok Instruments manufactures the instruments primarily for the oil and gas industry globally, though with recent commodity price increases of all kinds, including copper, its business has begun to grow rapidly. Sales are primarily to multinational companies based in the U.S. and Europe. Bangkok Instruments’ balance sheet in thousands of Thai bahts (B) as of March 31 is as follows:

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Bangkok Instruments, Ltd. Balance Sheet, March 1, thousands of Thai bahts Assets Liabilities and Net Worth Cash B 24,000 Accounts B 18,000 payable Accounts 36,000 Bank loans 60,000 receivable Inventory 48,000 Common 18,000 stock Net plant & Retained equipment 60,000 earnings 72,000 B 168,000 B 168,000 Exchange rates for translating Bangkok Instru- ment's balance sheet into U.S. dollars are: B 40.00 = $1.00 B 30.00 = $1.00 B 20.00 = $1.00 April 1 exchange rate after 25% devaluation. March 31 exchange rate, before 25% devaluation. All inventory was acquired at this rate. Historic exchange rate at which plant and equipment were acquired.