00:43 Il KKTCELL Done @ %40G) h Translation_Exercise 3 Tiger International is a French firm with a wholly owned subsidiary in Japan. The basic assumptions involved in the Japanese subsidiary and its interaction with the parent company are as follows: Pere Relevant Exchange Rates When capital was issued Average for 2004 December 31,2004 When equipment, land, and building were purchased When closing inventory was acquired 12 10.5 Total Stockholders' Equity 340.000 Total liabilities and stockholders' Equity 440,000 The balance sheet of the Japanese subsidiary as of 31/12/2004 is as follows: Balance Sheet (in thousands) 12/31/2004 2 0.000 105.000 50.000 260,000 40.000 (35,000) 440,000 Assets Cash and receivable 1 Inventory Land Building Equipment Accumulated Depreciation Total Asset Liabilities and stockholders' Equity Accounts Payable Note payable Income taxes Payable Total Liabilities 100.000 Stockholders' Equity Capital stock Retained carnings 40.000 50,000 10,000 300.000 40.000 The statement of income of the Japanese subsidiary for the year of 2004 is as follows: Statement of Income and Retained Earnings (in Y thousands) Sales 450,000 Less: Expenses Cost of good sold 360,000 Depreciation: Buildings 30,000 Depreciation Equipment 5.000 Electricity expense 8,000 Insurance Expense 7,000 Total Expenses 1410.00 Net Income 40.000 Notes: Sales and expenses occurred evenly throughout the year Required: Translate the balance sheet using the current and temporal method